Cattle Markets Continue March Lower

June 29, 2018 06:24 PM
 
Fed cattle traded $2 per cwt lower as packers maintain their market leverage.

Cash fed cattle traded $2 per cwt lower in the Southern Plains this week at $106 to $108. Dressed sales in the North occurred at $169 to $170 per cwt., $2 to $3 lower.

Packers purchased cattle earlier in the week at the lower $106, but were forced to raise bids Friday when August CME futures closed limit up. Still, some feedyards held firm on some showlist cattle asking $110.

Leverage rests firmly in the hands of packers, where profits remain in excess of $300 per head while feedyards are losing money on every animal sold.

At auctions across the nation, steers and heifers sold $1 to $4 lower, with the exception of North Central auctions reporting at $4 higher. In the North Central auctions, AMS reporters said demand was good from a large crowd of buyers.

Boxed-beef cutout values continued normal seasonal declines with Choice at $211.96 per cwt., and the Select at $198.57. The Choice-Select spread was $13.39.

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