Trade was spotty at best last week due to lack of total numbers needed by packers for the shorter holiday week. The south traded a small number of cattle at $110, with very limited trade. The same held true in the north at $111 on very few numbers.
The market last week was the combined result of packers buying for a short kill week, negative returns on cattle increasing, and the lack of incentive for feeders to sell cattle out front. Feeders are hopeful this week that the lack of trade last week has expended packer inventory creating a need for pounds, and potentially a bounce in the market.
The market could remain steady, or see an increase this week. The carry-over was large last week, however, most offered cattle are still ahead of marketing projections. Feeders could find the lack of trade last week an opportunity this week.