The 5-Area Accumulated Average Cattle Price dropped yet again this week, moving from $101.12 on October 10 to $97.57 on October 17.
The August slump for cattle markets continued with prices now hovering near breakeven.
Dramatically improving margins helped beef packers take command last week while cattle feeders saw closeouts fall further in the red.
U.S. live cattle futures fell the most in 1-1/2 weeks on Wednesday in a selloff linked to lackluster demand from meat packers and government data that showed the lowest wholesale beef prices in four years, traders said.
In the first quarter of this year, the 5-market slaughter steer price was 8.8% below 2016’s.
Meaningful change isn’t accomplished overnight. More often, it happens slowly by chipping away piece by piece until something new suddenly takes shape.
July placements up 2.7% vs year ago and Aug. 1 feedlot cattle at 104.3% of year ago.