Packers desperate to keep their grasp on the cattle market looked to their inventory to keep the pressure on cash prices. Cattle feeders reluctantly traded lower.

With beef production falling, a relatively strong dollar and some global macroeconomic weakness, a decrease in exports has been expected.

Cash cattle prices retreated from the previous week’s historic highs and a seasonal decline was to be expected. Analysts, however, believe another rally is brewing later in the season.

The current high cattle prices were not a matter of “if” but “when,” following severe drought across cattle country. However, in volatile markets, should cow-calf producers be optimistic about profits in 2023?

The Packers and Stockyards Act changes may be coming, as the Fiscal Year 2024 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Bill has been sent to the full House for consideration.

Over the 29 years of free trade, U.S. ag exports to Mexico increased both in terms of volume and value, although there were some years where growth was not positive.