Fed cattle prices surged to new record highs last week as tight supplies of cattle continue to support the market.
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USDA-Agricultural Marketing Service (AMS) reported the average 5-area weekly weighted average direct fed steer price at $169.90 which was up $1.11 from previous record of $168.79 for the week ending October 24. By the end of the week live cattle futures also reached life of contract and all-time record highs. On Friday the December live cattle contract settled at $170.20.