The fed cattle market was
steady last week as cattle in the South sold for $119, while in the North
trade was only thinly tested at $120 live and mostly $193 dressed. Boxed beef
prices continued to work lower for the week, hampered by a severe heat wave
that encompassed most of the Midwest and East Coast. As the weather moderates,
beef demand should at least see some improvement. Feeder cattle and calves were
steady to $5.00 higher for the week. Slaughter cows were steady to $1.00 lower.
Corn prices softened last
week as the weather forecast moderated as we entered pollination
stage. An On Feed report was issued by the USDA Friday afternoon. On Feed
was at 97% of a year ago, matching trade estimates. Placements were reported at
95%, pre-report estimates were 94.9%. Marketings was noted at 96%, the trade
was expecting 94.7%
Check out today's Chart of the Day. For recent
market news and analysis, visit CattleFax.com.
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