Texas Fed Cattle Rise Sharply
In Heavy Movement At Midweek

AMARILLO —(USDA)— Slaughter steers and heifers closed $3-4 higher in Texas Panhandle and Western Oklahoma feedlot trading last week.

Trade and movement of fed cattle was a slow affair until midweek, when buying interests upped their bids sharply. Feedlots became willing sellers at the higher price levels and most showlists were completely depleted by week's end.

Strength in live cattle prices was supported and stimulated by advances in wholesale boxed beef cutout values and higher CME futures levels. Sales were confirmed 129,500 head, including 27,800 formulated and 1400 contracted cattle and 7700 head or 226 loads of CME cattle.

The weighted average price of all beef type steers was $62.04. The average liveweight of most cattle slaughtered at area packing plants the previous week was 1188 pounds compared to 1195 a week earlier and 1166 a year ago. Heifer percentages were 47, 42 and 38, respectively.

Most areas of the country also had slaughter steer and heifer prices $2-4 higher.

The estimated composite of boxed beef cutout values for choice 2-3 550-700 pound carcasses was up $6.07 at $102.87 and 700-850 pounds up $6.77 at $102.12.

The rally in boxed beef sales and live cattle futures trading, along with tightening supplies, gave commercial feedlots the opportunity to ask for and receive higher money. Early week activity included several loads of CME live cattle being tendered and delivered, as packers scrambled to purchase enough inventory to keep up with the demand of the retail sector. However, as the week progressed, the gap narrowed between live and futures prices.

Some Texas Trading:

Slaughter steers: select and choice 2-3 1100-1250 lbs. $62-63, late $63, weighted average price $62.12; select and few choice 2-3 1150-1300 lbs. $60-62, weighted average $60.64.

Slaughter heifers: select and choice 2-3 1050-1200 lbs. $62-63, late $63, weighted average $62.11; select and few choice 2-3 1050-1150 lbs. $60-62.50, weighted average $60.73.