Cattle Prices Bounce Back
Three weeks ago, cash fed cattle prices ended their long, sharp decline. For the week ending on October 11, the 5-Area weighted average fed steer price worked out to $125.35 per hundredweight, a gain of $7.64 over the prior week’s close. The following week, the 5-Area price gained another $7.60, working out to $132.95. Last week, the market slowed down a bit, managing to add another couple of bucks to cash prices, but doing so on a limited volume of sales. Still, the three-week rebound in fed cattle prices has been about as dramatic a turn as you ever see in the cattle market. The chart of the weekly 5-Area weighted average price in Figure 1 below makes this point well.
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