Monday Market Sentiment: Industry Leaders Forecast An Increase In Cash Cattle Prices
11/03/2009 08:56AM
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A survey of cattle-industry leaders suggests the average price for cash cattle will increase 47 cents to 87.33 this week.
The increase in the average forecast in CatttleNetwork's Monday Market Sentiment survey marks the 20th week in a row that industry insiders have predicted an increase in prices.
The Monday Market Sentiment is a forecast of the upcoming weekly cash trade (5-Area weighted average price) prices reported by the USDA. Prices have increased for three consecutive weeks. Last week the USDA announced that cash trade for the week ending November 1st was 86.86, a 6% decrease from a year earlier.
Among the reasons cited for the predictions were a focus on fundamentals and steady showlists.
Rob Cook, Director at CattleNetwork agreed with the consensus estimate
“I agree with the consensus estimate. Cattle feeders are very bullish this week and I think last week's positive trade will keep the positive momentum rolling.”
Each week CattleNetwork awards a $100 gift certificate from Cabela's courtesy of Intervet/Schering Plough to the industry leader whose forecast comes closest to the 5-Area cash trade number reported by the USDA. The most recent winner is Steve Landgraf of Lakin Feed Yard.