Sort & Cull

After a hellacious summer marked by ongoing drought, fires in the West, the announcement of packing houses closing their doors, market interruptions from the President, limited availability of grass, and a deteriorating cattle market, September has brought some relief! Praise God!

Last week was the breath of fresh air that the market and cattlemen so desperately needed. To kick the week off, the futures market was well supported by traders, and thankfully that support endured through the week's end.

Throughout the week, October live cattle gained $6.73, December live cattle gained $7.50, September feeder cattle rallied $13.00, and October feeder cattle jumped $12.35. And potentially most invigorating from a technical standpoint was the fact that both the live cattle and feeder cattle contracts were able to conquer the market's resistance at its 40-day moving average, which the contracts hadn't traded above since early July.

Luckily, that momentum from the futures market helped spark stronger trade in the fed cash cattle sector. Throughout last week's trade, Northern dressed cattle traded at $350, which is $5.00 to $6.00 higher than the previous week's weighted average, and Southern live cattle traded at mostly $226, which is $3.00 to $4.00 higher than the previous week's weighted average.

Feedlot managers deserve a well-earned round of applause. Early in the week the market was anticipated to trade steady at best, but because feedlot managers are remaining dedicated to trying to advance the market, higher prices were achieved. And last but certainly not least, the board's support and uptick in the market's overall morale also helped feeder cattle prices trade higher throughout the countryside, as the CME feeder cattle index gained $4.24 to end the week at $331.22.

And thankfully the market's rallying momentum carried through Monday's trade, as the live cattle contracts closed mostly $2.00 higher and the feeder cattle contracts closed anywhere from $3.00 to $5.00 higher. So long as the market's support remains robust, there's plenty of upward potential for the market to recapture if support remains steady and consistent.

ShayLe Stewart can be reached at shayle.stewart@dtn.com

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