Packers were able to keep the market suppressed as the trade began last week at $2 back of the previous week. The downward trend of the market continued with sales earlier in the week at $110, then moving to $108-$109 later in the week in both the north and south trade areas.
The only bright side of last week’s trade was that for the first time in many weeks, multiple packers competed in the market at the same time.
The Cattle on Feed report was not a surprise to anyone, and should not impact the market. Continued steady to lower trade is expected to continue. Packers will buy for a shortened holiday week, with most trade likely for week after next harvest. As we finish up the month of June and head into July numbers may begin to lighten up on most show lists. Often summer meat demand begins to slow after the July 4th holiday. Time and continued positive summer meat demand will determine opportunity for any upswing in the market.