The market proved more positive than feeders anticipated this past week after the bearish Cattle On Feed report coupled with a lower board.
At mid-week packers were able to pick up a few dressed cattle slightly lower at $174, but were willing to give steady $110.50 for cash cattle in the north. By Friday packers were willing to give $111 in all regions making the market steady to higher.
Packers are giving the impression that they are willing to stay aggressive at this market level. Most of the packers had enough cattle that they bid with time, which may have reduced trade volume last week. Packers could need to be more aggressive this week to help fill some inventory needs.
Baring no major shifts in the market, this market could stay steady to higher as we continue into the fall.