Boom! Cash Cattle End Year With Rally
Negotiated cash cattle trade was slow to develop the final week of the year as packers sought to hold the market near steady. Cattle feeders held on to asking prices of $160 per cwt.
Thursday brought higher prices with North trading at $159 to $160 per cwt., and dressed sales at $252 to $255 per cwt., $3 to $5 higher than the previous week. A slow trade in the South saw prices at $157 per cwt., about $1 higher.
Wholesale beef prices recorded significant gains for the week. Choice boxed beef closed Friday at $282.05 per cwt., $10.10 per cwt. higher than the previous week. Select boxed beef closed Friday at $252.33 per cwt., $7.46 per cwt. higher.
At the CME, February Live cattle dipped 95 cents on Friday to $157.90, with the closing quote representing a gain of just 15 cents since last Friday, with January feeders slipping 10 cents to $183.50, a weekly decline of 50 cents.
Estimated weekly cattle slaughter was 547,000 head, 23,000 head higher than the same week a year ago. The total estimated year-to-date slaughter is 33.679 million head.
