Cattle futures surged higher Friday, recovering much of the week’s decline. Perhaps bears are finally convinced the bad news of stout summer supplies took the last train out a while back.
Live Cattle futures closed an average of $2.34 higher through the front four contracts and then an average of $1.45 higher
Negotiated cash fed cattle trade remained undeveloped through late Friday afternoon. The previous week’s stronger prices, as well as the surge in Cattle futures Friday likely added to seller reluctance. On the other end of the trade, it could be that heavy out-front purchases in recent weeks enabled packers to be more patient.
Except for 82¢ higher in the back contract, Feeder Cattle futures closed an average of $3.12 higher ($2.62 higher to $4.30 higher in spot Aug).
Boxed beef cutout values were weak on Choice and higher for Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 49¢ lower in the afternoon at $221.59/cwt. Select was 76¢ higher at $202.73.
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