Outside factors pressured cattle markets through most of the past week before futures and wholesale beef prices rebounded on Friday. Market fundamentals remain positive for cattle going forward.
The North American Meat Institute releases its 2023 Continuous Improvement Report with data submitted for this year’s report covering an estimated 90% of all meat sold in the United States.
Packers applied the brakes and cattle slaughter declined another 13,000 head last week and capacity utilization dipped 9%. Pork producer margins print $7 in the red.
Cattle futures posted weekly losses including a technically bearish weekly low close in December live cattle. Cash markets were weaker, but strong cash fundamental remain in place.
Members of the U.S. House of Representatives overwhelming rejected a proposal on Wednesday that would have barred USDA from operating commodity checkoff programs.
Higher cattle prices and declining wholesale beef prices pushed packer margins further underwater last week. Pork producer margins inched into the black.
Cattle futures rallied to all-time highs on Friday after Thursday’s sell off, supporting negotiated cash prices that reported mostly steady for the week.
