Markets: Cash Cattle Prices Continue Retreat
Cash cattle prices slipped another $3 to $4 per cwt. for the week. The market retreat now totals $14 per cwt. lower since the first of November.
Cattle traded in the North in light volumes at $171 per cwt. live and up to $272 dressed. Moderate trade volumes were reported in the South at $171 per cwt. live. All prices were $3 to $4 per cwt. lower than the previous week.
Feeder cattle traded $2 to $7 per cwt. lower. Calves sold $2 to $6 per cwt. lower.
Wholesale beef prices also slipped significantly. Choice boxed beef closed Friday at $288.01 per cwt., a loss of $9.45 per cwt. for the week. Select traded at $257.90 per cwt. Friday, down $7.59 for the week. Analysts say excess supplies of end meats have continued to push wholesale prices lower.
Estimated weekly cattle slaughter was 635,000 head compared to 648,319 the same week last year. Year-to-date slaughter was down 4.7% from last year.
At the CME, February live cattle futures rose $3.20 on Friday to $165.725 and near the session high. On the week February live cattle lost $3.40. January feeder cattle futures gained $5.025 on Friday to $215.30, near the daily high and for the week up 87 1/2 cents.
Worrisome for cattle market bulls in the coming weeks is rising dressed weights. Steer dressed weights for the week ended November 25 reached 940 pounds, up 4 pounds from the previous week’s record and 13 pounds above one year ago. Such suggests feedlot operators are not as current with marketing as in months past.
