Cattle Market Reports and Analysis
USDA’s release o Friday of Cattle on Feed and Cattle Inventory report data suggests backlog is decreasing in feedyards and beef cow numbers are tightening across cattle country.
Steers and heifers sold higher at auctions on the Northern Plains, with feeder cattle trading uneven at auctions in the Southeast and South Central regions.
Slaughter numbers approached year-ago levels for the week as beef packers are operating at near-capacity and wholesale beef prices continue lower.
Boxed beef cutout values continue to perform like the early days of Bitcoin trading, with Choice advancing $84 per cwt. since last Friday.
Cattle feeders experienced a week of light participation from packers as the impact of COVID-19 begins to hamper beef production facilities.
The unprecedented events surrounding the COVID-19 pandemic have led to a severe economic downturn and will impact livestock markets going forward.
Cattle on feed data shows the largest number of cattle in feedlots during February since 2008, while placements were 99.4% of year ago, a little smaller than expected.
Widespread wildfires mean Australian cattle and beef production will be reduced for the foreseeable future and rebuilding, whenever it can begin, will take several years.
Cattle and hog margins are headed south as supplies build and packers run near capacity.
