Cattle futures have been working to trade higher this week despite stock market weakness. June live cattle traded 95 cents higher on Thursday to $234.80 per cwt. May feeders finished $1.70 higher at $351.75.

Geopolitical uncertainty continues to shake equity and commodity markets. Any bearish impacts from last Friday’s Cattle on Feed report are likely gone. Futures have held up relatively well despite lackluster performance in equities. Pullbacks have continually found buyers, and June live cattle have the potential to test the February highs around $340.

The cash cattle market was able to find more footing last week after a four-week slide. The weekly five-area weight cash cattle index finished last week at $235.08, up 25 cents from the previous week.

The CME Feeder Cattle Index has been slowly recovering since falling to earlier this month. The index has rebounded about $6 since mid-March, hitting $363.24 on Tuesday.

China’s Ministry of Commerce announced that imports of beef from Australia had reached 50 percent of the annual quota, triggering a 55 percent tariff on additional imports starting Friday. Triggering the tariff rate quota could divert more supplies to the U.S. and likely pressure domestic prices.

Boxed beef values have come under pressure over the past couple of weeks. The choice beef index finished at $389.85 per cwt on Thursday. That was $13 lower than the high earlier this month but was still a record seasonally. Select values have held up largely well and are also trading at a seasonal record.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.