All classes of cattle and calves traded lower this week, pulled down by the bear’s strangle hold on the futures markets. Cattle futures took a drubbing on Tuesday and Wednesday of this week, with a modest rebound late in the week. Deferred live cattle futures are now $10 per cwt. lower than recent highs.
Cash fed cattle traded $3 to $7 per cwt. lower for the week at $153 to $156. Dressed sales sold at $240 to $243, mostly $240. Boxed beef prices Friday morning averaged $253.12, which is $4.39 lower than last Friday. The Choice/Select spread is $5.83.
Feeder cattle and calves traded weak to $5 per cwt. lower, with spots $10 lower. USDA Market News reporter Corbitt Wall says feeder cattle numbers remain limited and demand remains very good for all offerings with buyers still holding plenty of orders.
"Many market watchers feel the market has been too top heavy but the market still has a lot of optimism and activity as most markets reported demand very good," Wall says.
Slaughter cows sold steady to $2 per cwt. higher, with the exception of the western region trading $2 lower. Slaughter bulls traded mostly $3 lower. USDA's Cutter cow carcass cut-out value Friday morning was $233.68 up 3.15 from last Friday.
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