From a CAB production view, the temporary loss of one of our largest product sources is a concern and the marketplace will likely respond to the supply hit with some logical and some added emotional reaction.
Spring beef markets tend to be predictably unpredictable in the past few years with extremes in price, cattle supply and quality grade changes.
The fed cattle market is holding strong in late July within a narrow trading range.
Starting out the month of May, we dove headlong into the seasonal market with a widening Choice/Select price spread.
A relatively quiet week in the fed cattle market last week with a sideways direction for the cash fed cattle price, now in its 4th week at the $124/cwt. level.
The fed cattle price recovery that has been painstakingly built since early September has eroded in an extraordinary decline over the past two weeks.
Historical expectations for the month of April are for a decline in the percentage of cattle grading Choice and Prime.