The government shutdown did little to dampen the enthusiasm drifting through the cattle markets.
Demand for grass cattle has helped keep the price of weaned calves high.
For the entire U.S., the percent of the U.S. with no dry (D0) or drought (D1-D4) conditions in May have exceeded 80 percent for the first time since the Drought Monitor began publication in 2000.
By the numbers, cattle producers with summer stockers and cow-calf operations should be experiencing a bit less stress about the market this year.
Wheat carry also trimmed vs. March
Meaningful change isn’t accomplished overnight. More often, it happens slowly by chipping away piece by piece until something new suddenly takes shape.
Cattle futures extended a rally to an all-time high for the third straight session on the outlook for tightening supplies of beef and rising demand.
Crop receipts are expected to rise over 16% in 2011.