Mackey: Higher Bids Aid Showlist Cleanup
Good cleanup at higher money this week. The National Volume is coming in at 72,025 head Cash Cattle and 23,288 head of Negotiated Grids. More will be reported on Monday, packers are trying to build their much-needed inventory to slow this market. The Weighted Average on that same report comes in at $159.53. Important to note the last time we saw it at $160 was May of 2015.
The East was first to trade again, however they were able to ratchet steady money bids of $250, up to $254. The South traded at $160, with a few late reports of $161. In the West, cattle feeders saw two bidders at $160. However, they both positioned themselves on just enough volume they wouldn’t push one another to a new level. Most of the cattle would look to move to the packer with the limited time. Albeit we finish the week +$1 vs the week prior.
It wasn’t surprising to see the 10 Loads Tendered for Delivery at West Point, given the muddy environment. What was surprising is that the board was relatively uninterrupted and ended finishing the week +.375 at $161.20. The new found cash strength should continue to support it in the weeks ahead.
Looking ahead, cattle feeders in the North will continue to analyze cattle performance and the available supply. The numbers should continue to incentivize feeders to sell into the market, but just how willing they will be is the bigger question. Pen conditions and performance haven’t been trending with the market.
A native of Torrington, WY, Brodie Mackey joined Consolidated Beef Producers in the spring of 2013 after earning his B.S. from the University of Nebraska-Lincoln. Brodie’s focus at CBP includes customer development, cattle marketing and evaluation in Nebraska, Northeast Colorado, South Dakota and Wyoming. For more about Consolidated Beef Producers visit here.
