Last week’s cash cattle market was lackluster. Albeit higher in most areas, packers lacked conviction. It would be late Friday before most of the trade would be sorted out with 52,000 head cash and grids combined in the total weekly report.
The Southern market would see the bulk of the activity. Trading mostly at $190 cwt live the market would see good volume and good clean ups. Continued reports have said many of those cattle are looking to have wheels under them headed to Northern packing houses. That explains why packers lacked the desire to pay up for the available inventory in the North. To fill the remaining holes, cattle would move at $198 cwt live with a few outside sales at $200 cwt live. Most of the dressed business would take place at $312 cwt. and extremely light volume on the week.
The main talking point was the cutout. The tempered harvest pace has supported the boxes. Coupled with the 4th of July retail run boxes have held together longer than most analysts projected.
Looking ahead, cattle feeders anticipate continued marketing opportunities at higher money. Packers will be working a short week after two weeks of relatively limited trade. Look for them to drag business out to the last minute.
