The cattle markets traded higher from the get go yesterday, following through on Tuesday’s cash cattle strength and ahead of another serious winter weather event on tap this weekend. This morning’s weather models seem to have moved the system a little farther south with the bulls-eye now on the TX Panhandle, where they’re expecting 12”+ amounts before tracking into Central KS and toward Minneapolis, a wide swath of cattle feeding country. On the cash cattle front, packer bids were renewed at $124 in the South yesterday, matching Tuesday’s trade, but failed to get anything bought there. We did see the Northern trade develop at mostly $200 dressed, up a sharp $16 from the averages there last week! And perhaps most impressively, the spot boxed beef markets did finally trade firmer yesterday, up a sharp $3.37 in the choice cutout and a relief for the bulls who have been counting on such a move for the past week now. Look for another firmer start this morning on a holiday-shortened trading session today.
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