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Cash feeder steers and heifers traded steady to $5 higher during a holiday-shortened week, with some $6-8 gains later in the week. Feeder cattle futures averaged $4.59 higher, and Choice boxed beef was 53 cents higher at $191.88/cwt.
Traders said wholesale beef values may have found a seasonal bottom.
Firmer wholesale beef values and rising futures support feeder cattle prices and lower the risk of further packer-led declines. Packers' ability to hold prices steady will influence the next leg of feeder values.
beefmagazine.comWes IshmaelSep 9, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
