Editor note: Weekly video was unavailable for this report.
Compared to last week, the feeder cattle market was following through on the support that was shown late last week to be steady to 5.00 higher with the Southeast complex more in the 4.00 to 8.00 higher range as backgrounders are looking to succeed in acquiring their grass cattle now. Rather than wait and possibly miss out on the readily available supplies, order buyers actively sought out numbers for fear of not having enough of those light weights later on as auction receipts were 30,000 head higher than a week ago. Demand for those stocker cattle to be advanced on grass was good in all areas on limited offerings.
Early week CME Feeder Cattle nearby futures were sharply higher followed by a correction midweek only to finish the week around 4.50 higher than last Friday's close. Direct trading this week has also followed that upward trend; in response to the Board increasing and improved winter weather over last week.
Due to the warm up this week, lots were left muddy and many auctions in the Midwest and North Central noted that cattle were carrying some tag and clean offerings were met with very good demand. Producers were much more inclined to sell feeder cattle as better environmental conditions this week and more stability in the marketplace were prevalent. Demand for replacement heifers continues to be strong as many auctions throughout the Midwest and North Central regions noted those in their market reports.
Fed cattle traded late last Friday afternoon to finish at mostly 160.00 to 162.00 live and 255.00 dressed, 1.00 to 3.00 higher than the previous week. Another very late week trade appears to be on the horizon this week with buyers and sellers continuing to be dollars apart. Auction volume included 62 percent over 600 lbs and 37 percent heifers.