Drought, cowherd liquidation continue
Western Livestock Journal
Positive packer margins and good retail movement ahead of the Memorial Day holiday last week had market watchers predicting steady trade last week as buyers looked to fill chains for the holiday-shortened week ahead. As of mid-day last Thursday, cash fed cattle trade was still inactive although most believed that some action would get underway late Thursday or early Friday at $94-94.50 live and $148-150 dressed, prices even with prior week trade.
Slaughter volume for the week through last Thursday was running at an estimated 511,000 head, just 4,000 behind the prior week’s pace for the same week but 6,000 above the same period last year. For the full week, the industry was expecting a 710,000-head production week, according to Troy Vetterkind of Vetterkind Cattle Brokerage. He said the wholesale beef market was being subjected to some correction in the loin and round, along with the 50 percent trim product, keeping the cutout in check at mid-week last week.