Despite a mid-week lull in long-falling cattle futures, markets continued under bearish pressure from growing supplies and uncertainty surrounding agricultural trade with China.
Although there were some late-week instances of steady to $5 per cwt higher, steers and heifers traded primarily steady to $5 lower with instances of $10 lower, according to the Agricultural Marketing Service (AMS). Analysts there explain both low prices and a strong cold front in the Southern and Northern Plains hampered receipts.
Feeder Cattle futures closed an average of $1.48 higher week to week on Friday (March 29-April 6). That was after closing an average of $1.69 lower to end the week. Friday’s plunge in futures prices dashed hopes of kick starting the week’s sluggish and lower negotiated cash fed cattle trade.
Live sales for the week were $2-$3 lower in the Southern Plains at $117-$118 per cwt. Prices were as much as $6 lower in Nebraska at $114 earlier in the week, although there were a few trades there on Friday at $118. Dressed sales were $2-$7 lower at $184-$188.
Listen to Wes Ishmael's Cattle Market Weekly Audio Report every Saturday morning on the BEEF magazine website. This is your report for Saturday, Apr. 07, 2018.