A long week’s fight would result in a steady market. The South set the stage trading at $184 per cwt live. Higher asking prices were rolled down as one major packer pulsed talks of kill cuts into the marketplace. Ultimately, cattle feeders found security in the basis strength and sold into the market. Meanwhile, the North wouldn’t go as easily. Steady Bids of $295 were initially passed. Regionals entered the market at $296 to 298 and would start to move cattle. The live bids would follow at $187 and $188 cwt—Steady to firmer vs the previous week. Once the regionals stepped out the majors would clean lists up at steady money.
The totals of the week would have packers acquiring 97,500 head of Cash and Grids combined—about 3500 head fewer than the week previous. Most will await Monday’s breakdown to analyze the delivery period. It has been interesting to watch packers trying to acquire inventory for the 15–30-day delivery period. Perhaps filling a void to keep a hold of the market?
Looking ahead, harvest was right on pace with the previous week at 622,000 head. Many will await the weekend clearance reports, as Mother’s Day kicks off grilling season. Packers will dig in for the late week trade, cattle feeders will look to advance prices.
