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Despite increased beef production in 2018, up nearly 4% so far this year, beef demand has been quite strong and has limited beef and cattle price pressure in the first half of the year.
Additional cattle are continuing to come to feedyards, but fortunately there’s been several market factors at play to help offset beef supplies, at least for now, said Craig VanDyke, Top Third Ag Marketing.
USDA’s cattle on feed survey data can have inherent problems, but additionally, we don’t really know the feeding performance of cattle in feedlots in the major feeding regions.
This week should show us how willing the packers are to pull May contracts.
April placements of cattle on feed totaled 9% more than a year ago, with marketings 7% higher.
Cattle markets finding strong fundamental reasons to remain positive despite the threat of disruption from trade negotiations.