Most-active April rose 57 cents to $128.12. June gained a nickel to $123.42. Most other contracts notched gains from 30 to 40 cents.
Most feeder-cattle contracts fell. March slipped 77 cents to $138.20. Most-active April was the lone gainer, up 2 cents at $141.37. May through November slid by 10 to 37 cents.
Advancing wholesale cutout values fuel optimism for higher cash cattle trade, which, in turn, buoys futures.
Last week’s cash trade at prices basically steady with the previous week disappointed some market participants who were betting on gains.
Record-high Select cutout fueled some expectations that cash fed cattle could advance this week.
However, concerns persist as to whether U.S. consumer demand for beef will hold up at these levels. That could cause retailers to limit their purchases of beef from processors in the near term.
Beef prices are near levels where they have struggled before. They will likely do so again.
Pennsylvania Center for Beef Excellence Inc. with information from the CME Report, Cattle Buyers Weekly and other resources. For more information, call 717-705-1689.