Cattle prices continue to skid for the third week in a row.
Cash fed cattle traded another $2 to $3 per cwt. lower this week as packers appeared to hold the leverage in the market for the third consecutive week. Cattle traded at $152 to $153 per cwt., fully $13 per cwt. lower than the market high of $166 recorded three weeks ago. On a dressed basis, cattle sold from $240 to $242.
Feeder cattle and calves were called uneven, with calves trading in a range of steady to $5 higher and steady to $5 lower. Yearling cattle sold mostly steady to $5 lower, though demand remain strong.
Boxed beef prices traded significantly lower, with Choice values declining $6.28 for the week to close Friday at $250.20. Select values lost $7.75 to close Friday at $240.07. The Choice/Select spread was $10.13. Consumer demand is called softer due to the late summer heat.
Slaughter cows sold steady to $4 lower. Slaughter bulls steady to $2 lower. USDA's Cutter cow carcass cut-out value Friday morning was 233.95 up 13 cents from last Friday.
USDA’s monthly cattle on feed report was released Friday, showing a 7 % decline in placements compared to July of last year. Total feedlot inventories were down 2 %, while marketings were pegged at 9 % below last year.