Cash fed cattle prices climbed to new record-highs as packer buyers scrambled for tighter cattle supplies, egged on by strengthening wholesale beef values. This week cash fed cattle sales in Nebraska surged to the new record-high price of $152/cwt.
Dressed sales traded at mostly $240/cwt. Cash fed cattle in the Southern Plains traded $5-$6 higher than the previous week at $150/cwt.
“Live-cattle futures have jumped 10.2% so far this year, a gain that is leading to higher wholesale beef prices and is widely expected to result in record U.S. consumer prices for steaks, ground beef and other products this year,” says John Otte, Penton market analyst. . “In January, average U.S. retail fresh beef prices reached an all-time high of $5.044 a pound. USDA projects consumer beef prices will gain 3% to 4% overall this year, up from last year's 2% hike.”
Listen to the Cattle Market Weekly Audio Report every Saturday morning on the BEEF magazine website. This is your report for Saturday, Mar. 01, 2014.
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