Cattle prices continue to leapfrog higher

Cash fed cattle prices traded at $124 to $125 per cwt. last week, with most activity on Thursday. Those prices represent a $6 to $8 jump over the prior week across all regions, and about $14 higher than two weeks ago. Dressed prices were quoted at $191, or $10 per cwt. higher. The rally has been fueled by sharply higher CME futures prices, and the revelation that USDA’s new camera-grading technology, referred to as the Gigabyte Ethernet, or Gig E, would undergo revised programming at nine harvest facilities representing about 50 percent of fed beef production. The industry anticipates the changes could reduce marbling scores for a significant number of carcasses. Read more…