Cash fed cattle prices and the steamy run-up in wholesale beef values offered market support this week. However, buyers were reluctant to push calf and feeder prices much higher, amid continued uncertainty surrounding domestic and international demand as supplies grow with the herds expansion.
Calves and feeder cattle traded unevenly steady, from $2 higher to $2 lower, according to the Agricultural Marketing Service.
The deferred live cattle contracts are tempering the feeder cattle market. Feeder cattle markets closed an average of $2 higher on Friday. Cash fed cattle sold mainly steady to $1 higher this week. Packers are apparently scrambling to keep up with buyers who are aggressively building supplies.
Dress trade was $4 higher at $200. Live catle futures were an average of $1.68 higher on average on Friday. Over the last two weeks, choice box beef cutout value is up $17.58 cwt, and select was up $14.81 cwt.
Listen to Wes Ishmael's Cattle Market Weekly Audio Report every Saturday morning on the BEEF magazine website. This is your report for Saturday, Mar. 04, 2017.