Cash fed cattle traded at steady money last week, a disappointment to many feeders who anticipated higher bids.
A Texas-based marketing cooperative is working with beef packers to sort off the fattest cattle in member feedyards for harvest in an attempt to keep cattle from becoming overfinished.
Significantly reduced slaughter levels brought the full weight of the COVID-19 crisis to bear on cattle markets this week as cash cattle prices declined and boxed beef prices spiked to record highs.
While any tally of cattle waiting on shackle space is – at best – an estimate, an analysis of Cattle on Feed and slaughter data suggests estimates of 1 million cattle backlogged may be overstated by as much as 50%.
This first full-week following the Memorial Day holiday delivers signals cattle markets may see a second wave of downward pressure, the after-shocks of the COVID-19 earthquake.
Profitability for both cow-calf and feedyards is projected to improve in 2021, Sterling Marketing president John Nalivka told AgriTalk host Chip Flory.
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The rally in the cattle markets continued this week with solid gains in both cash fed cattle and the boxed beef cutout. Cash cattle prices are now at a level not seen since late June.