After six weeks running in the red, beef packers jumped back into positive margins after last week’s wholesale beef rally. Pork producers remain profitable.
A federal judge in Minnesota dismissed the claims filed by a putative class of cattle ranchers in a long-running case that alleged an industry-wide scheme to fix prices.
Fed cattle trade was called moderate to active in all regions with lower prices. Friday’s cattle on feed report saw significant reductions in feedyard placements.
Cattle inventories simply are not large enough for the packer to build any market leverage. Reluctantly, packers bought cattle at steady to higher money and cowboys will seek more this week.
Less than a month before an Arizona rancher is set to stand trial in the shooting death of an illegal immigrant, prosecutors will ask the court to dismiss one of the two charges.
Cash cattle trade was sluggish as feeders and packers dig in their heels. Feeder cattle and calf prices continue marching higher even as drought sends some early-weaned calves to market.
Cattle feeders continue to gain market leverage as packers see pressure from declining wholesale beef prices. Pork producer margins remain solidly in the black.
President Joe Biden on Tuesday designated his fifth national monument in Arizona, an action embraced by Native American tribes in the area and opposed by mining companies and cattlemen.
Packers are picking around the edges and dragging their feet when looking at higher asking prices, but the bull market remains in place with the cattle feeder gaining leverage each week.
