Last week's trade was another historical feat to watch as the futures complex traded higher and higher. Then, lo and behold -- new highs were scored in the fed cash cattle market. But one thing that differentiates last week from the slew of successful, bullish accomplishments the market has proudly achieved in 2025 is the fact that last week packers were able to buy cattle with time.

Last week Southern live cattle traded at mostly $218, which is $5.00 to $6.00 higher than the previous week's weighted average, and Northern dressed cattle traded at mostly $350, which is $8.00 higher than the previous week's weighted average. And both last week's live cattle and dressed cattle prices successfully scored -- yet again -- new all-time highs. Last week's negotiated cash cattle trade totaled 99,262 head. Of that 71% (70,046 head) were committed to the nearby delivery option, while the remaining 29% (29,216 head) were committed to the deferred delivery option. And please note: the purchase of 99,262 head is the largest weekly volume thus far for 2025.

So now the question logically becomes: What will this week's fed cash cattle market do?

Those who remain bullishly inclined believe packers are still short-bought and prices will trade higher again this week. But those who are a little more skeptical believe prices will trade steady at best.

The question I believe deserves the most mulling around in our minds this week is: What's going to happen to box beef prices in the upcoming weeks?

As an attempt to try to gain a greater foothold on the cash cattle market and alleviate their immediate dependence on feedlot managers' weekly showlists, packers have dramatically reduced throughput over the last five weeks. But through that same time period, boxed beef prices have remained lethargic when, historically, they'd be rallying.

On one hand, you can point to the uncertainty in the market's current position and say consumers are holding back from any extra spending. On the other hand, when does the point of conversation become: Are beef prices simply too high for consumers? If a typical spring rally doesn't begin to get underway soon, I'm somewhat led to believe the second point deserves more thought.

Like I said earlier, there's plenty to mull over in this crazy marketplace!

ShayLe Stewart can be reached at shayle.stewart@dtn.com

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