Cash cattle prices retreated from the previous week’s historic highs and a seasonal decline was to be expected. Analysts, however, believe another rally is brewing later in the season.
A significant rally in fed cattle over the past three weeks confirms the front-end supply of cattle remains extremely current and cattle feeders have been willing sellers driven by good profits and a strong basis.
While serving as an inspector at the southern U.S. border, a Laredo, Tex., man accepted bribes from Mexican cattle brokers to allow cattle to enter the country without proper quarantine or inspection.
Packers were aggressive bidders in all regions as cash fed cattle markets made historic late-season moves higher in the holiday-shortened trading week.
Packers unexpectedly found themselves chasing a limited supply of higher-grading cattle last week and the result was sharply higher prices in the North.
U.S. House Agriculture’s Subcommittee hearing on Wednesday provided an opportunity for animal agriculture stakeholders to detail their priorities they hope to achieve from lawmakers actions.
After Tyson Foods reports anemic first quarter sales and downgrades its forecast, The Wall Street Journal editors wrote, “This doesn’t look like an antitrust conspiracy or market oligopoly.”
