Cattle Rally In Progress – Feds, Feeders Higher
by Greg Henderson, AgWeb
Nov 01, 2019
Cash fed cattle traded fully $2 higher at $112 in the south, and $5 higher on a dressed basis in the north at $180. Yet the trade was not as robust as some expected and some cattle feeders passed at those bids, many seeking $115.
Those ideas were supported by the fact October futures are now history, and December live cattle traded $2.30 higher on Friday at $119.52. The two-month rally is now the highest price since April. The February contract gained $1.875 to $124.225. November feeder cattle rose $1.525 to $149.125. Compared to lows established on September 9th nearby contracts have advanced $18 to $20 higher.
Boxed beef prices surged higher this week with Choice $7.76 higher at $233.20 and Select up $7.67 at $207.51. The Choice-Select spread was $25.69.
Estimated cattle slaughter for the week was reported at 655,000 head, 15,000 higher than last week and 2,000 higher than a year ago.
Yearling steers and heifers sold at auction steady to $3 higher. Steer and heifer calves sold...