“Record-high price levels continue to be posted daily, and each time rationale draws a line in the sand, cash prices at auction cut a trench right through it,” say analysts with the Agricultural Marketing Service (AMS). “First, it was 5-weight calves bringing $2/lb. and then it was 6-weight calves yielding $2/lb. This week several Midwestern sales pushed and surpassed $2/lb. for 700 lb. steers.”
Overall, feeder cattle traded $1-$4/cwt. higher and up to $8 higher near major grazing areas for thinner-fleshed stockers suitable for grass, according to AMS.
“Direct markets were very active this past week and posted the full advance on feeder cattle, despite CME cattle futures being under pressure early in the week,” AMS analysts explain. “Corporate feeders are pushing the market in the country as competition in the auctions heats up and sale barn receipts are starting to dry up.”
Listen to the Cattle Market Weekly Audio Report every Saturday morning on the BEEF magazine website. This is your report for Saturday Apr. 05, 2014.
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