The lack of trade dominated the cattle market last week.
Texas feeders found $112 was the best bid available, and only a few thousand cattle sold at that price. In Kansas, market highs were just as disappointing, combined with the fact the majority of the cash cattle traded last will not deliver until July.
July delivery cattle traded at $110 with a handful of cattle later in the week bringing $111-$112. Bids were hard to come by last week from any of the packers. Most packers did not carry a bid, and only offered to call on cattle priced at $110 or lower.
The north had more success in keeping their market in check with what happened last week. The northern cash trade ranged from $113 to $115 with most of the dressed trading at $184.
Feeders will have their eye on the packers’ inventory with cattle trading very light last week nationally. Harvest numbers have progressively increased, while the carcass weights and grades continue to drop. The combination of higher kills and lower pounds and grade would indicate a potential positive influence on cash prices. This expected market outcome has eluded cash traders for the past several weeks, and the answer to stop the free-fall of the cash market is still an unknown.