Last week the south only had one packer in the market in most areas. This lack of bids and participation helped keep the pressure on the cash market. $117 was the best bid that could be found in the south and was not very widespread.
Many producers who did not get the $117 bid chose not to sell at lower money and carry their cattle in hopes of something better, or steady to last week’s market.
The north traded at $117 last week as well, with a little more participation from different packers. $186 seemed to catch most of the dressed trade in the north.
The down turn in the market could very likely carry over into this week. The board closed on a positive note to end last week, but packers will be buying for a holiday-shortened week which will help lessen their needs. The announcement of the Japan willing to accept product over 30 months of age should be seen as positive, but may be news that is too late to help the struggling market.