There are good weeks, and then there are weeks like last week. Last week was a week when boxed beef prices trended higher despite it seasonally being a time when one would expect prices to trend lower.
Last week, cash cattle prices didn't just trade higher, they blew past the highs of 2014-15 and surpassed the highs made earlier this spring. Now the market is preparing itself for the first big debut of what feeder cattle prices could be later this fall when the Superior Livestock Auction has its Corn Belt Classic sale on June 7-8 in Sioux City, Nebraska.
The sale will be offering 64,500 head through its auction and will give the market its first sampling of what fall feeder cattle prices could be. The futures market anticipates that fall feeder cattle prices could range anywhere from $245.00 to $248.00, which is $64.00 to $65.00/cwt more than a year ago.
If there's one thing that the market has told us time and time again here in 2023, it's that supplies are short, and demand is strong. With that being the foundation of the cattle market's strength, it's tough telling just how high feeder cattle prices could get this year. However, I promise you that everyone who's got skin in the game will be eyeing the sale later this week to get a better feel for what's to come.
ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com
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