Despite indications to the contrary earlier in the week, cash fed cattle prices surged higher on Friday, surprising some, but speaking to how snug supplies are in some regions, how current feedlots are and apparently how much packers want to keep running hard after the holidays.
Through the afternoon, AMS was reporting live trade $1-$2 higher than the previous week in the Southern Plains and Nebraska at $118-$119/cwt. Late in the day, though various sources were reporting live prices as high as $120 and dressed up to $190.
Feeder Cattle futures surged higher on Friday amid oversold conditions and the continued hefty gap with cash trade. That and hints of high cash bids helped lift Live Cattle.
Live Cattle futures closed an average of $1.34 higher (55¢ to $2.62 higher in spot Dec).
Feeder Cattle futures closed an average of $1.27 higher (80¢ to $1.60 higher).
Choice boxed beef cutout value was 83¢ higher on Friday afternoon at $201.87/cwt. Select was 44¢ lower at $183.25.
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