Cattle prices held firm as slaughter numbers increased and wholesale beef prices declined, though narrowing packer margins will place added pressure on markets in the weeks ahead.
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.
Feeders steers and heifers sold both sides of steady, and the Cattle on Feed report went missing due to the government shutdown.
Negotiated cash fed cattle drifted lower throughout the week with a range reported at $3 to $10 lower. Feeder cattle sold uneven though demand remains moderate to good.
Steers and heifers sold at auctions this week steady to $3 lower. AMS said with the holidays and the end of the year fast approaching, many auction markets saw heavy runs of cattle.
Finished cattle prices continued their consistent weekly decline for the third consecutive week.
Holding our ground and protecting our export position is vital in the two years ahead as our fed cattle supplies grow to the cycle peak and competing U.S. protein supplies become record large.