The downward spiral in the cash cattle trade is ongoing as the number of market-ready cattle continues to grow. Showlists are already overburdened to date, and market-ready cattle add to the list weekly.
Cattle harvest is now approaching 660,000 head and with added carcass weights the amount of beef production is growing rapidly.
Packers continued to keep the trading range wide last week while lowering their bids. Many feeders passed on bids they believe are not reflective of current cattle values.
Cash prices are steady for now, but Tyson turned down some cattle last week that they thought are now too big, which is a huge concern other feeders may encounter in the near future.
Cash cattle prices traded higher last week, and for the first time in several weeks most of the major beef packing plants should be up and running this week, though not full-throttle.
The South saw another wide trading range last week as prices ranged from $95 to $115 per cwt. for cash fed cattle with just two packers active in the negotiated cash market.
Light cash trade continued with a wide price range. Two of the major packers were active in the market, with one actively making an effort to support prices.
The cattle industry continues to struggle getting cattle out of feedyards and into harvest facilities, leading to another week of limited trade.