June live cattle (LEM26) futures last Friday rose $1.825 to $253.90 and for the week were up $5.00. May feeder cattle (GFK26) futures gained $3.45 to $361.45 and on the week were down $2.775. Prices were trading narrowly mixed in early dealings Monday, with live cattle modestly up and feeders modestly down.
June live cattle futures on Friday closed at a technically bullish weekly high, suggesting some follow-through chart-based buying interest from the speculators early this week. Futures markets saw buying interest Friday as cash cattle prices last week continued to rise despite elevated beef prices at the meat counter. The USDA at midday Friday reported active cash cattle trading on the week, with steers averaging $262.77 and heifers $262.32. That compares to the prior week’s average cash cattle trade at $258.52.
