The upward movement in the market was short-lived. A handful of cattle in Kansas sold at $127 on Wednesday morning, with the majority of the trade bringing $126.
The steady trade also covered most of the activity in Texas as well. As the week wore on more trade continued as the board fell apart and some producers began to take advantage of the change in basis.
The North also found itself in a backslide, too. Most cash cattle ranged from $126-$127 and most dressed prices ranges from $203-$205. Most feeders knew that the run in the market may be short-lived, but had not expected it to begin quite this soon.
Will this week bring more downward movement? Only time will tell, but it should be interesting to see how feeders want to trade now that the basis has shifted to their favor.