The South negotiated cash trade was in the range of $93 to $95. Producers in this area still have enough of a backlog that passing bids is not a viable option as of yet. Many producers that passed a bid one week have been forced to take lower money the next week.
Producers in the North seem to find themselves in a better situation. The cash trade in the North was $93 to $96, with dressed trade ranging $152 to $155. Feeders in the north don’t have as many placements on hand as their Southern counterparts. Northern feeders could potentially find a themselves in a better market position sooner due to cleaning up show lists faster than the South.
Packers should be back to six-day work weeks now that we are through the July 4th holiday. An overabundance of protein in the system should continue to be expected for this summer.
For market conditions to change the beef industry needs to see consumers chose beef over other proteins. High demand for beef is what will drive packers to need large harvest numbers and help alleviate the backlog of market ready cattle.