August live cattle futures hit a record high of $235.025 a hundredweight, with feeder cattle futures also reaching a record high of $341.975. The bullish trend is supported by strong cash cattle and beef market fundamentals, along with solid technical charts. Prices are expected to remain sideways to higher.

Cash cattle trade has been light, with an average price of $240.00 reported. Wholesale beef prices saw increases, with Choice-grade cutout value up $4.15 to $369.94. Despite the record highs, seasonal factors and beef packers’ margins may impact cash cattle bids.

Recent USDA cattle-on-feed report was price-friendly, showing a decrease in cattle on feed compared to last year. Marketings of fed cattle in June were 4% below 2024 levels. The report indicates potential support for cattle futures prices amid strong demand.

Mixed U.S. economic data may influence cattle futures markets, with consumer confidence and demand for beef impacted by economic conditions. Historically, September and October can be challenging for the stock market, which in turn affects consumer sentiment and demand for beef products.

Read more at Yahoo Finance: The Bullish Cattle Stampede Rumbles On. Here’s What to Watch Next After Record Cattle Highs.