A survey of cattle-industry leaders suggests the average price for cash cattle will settle lower following a charge higher as grocers gear up for Memorial Day weekend. Market experts predict the cash market will decrease by 97 cents to $122.21 per cwt this week.
The Monday Market Sentiment is a forecast of the upcoming weekly cash trade (5-Area weighted average price) prices reported by the USDA. Last week prices surged ahead, gaining $2.87. The USDA announced that cash trade for the week was $123.18.
Beef processors are expected to enter lower bids for cattle this week with fewer animals needed during the short work week after the holiday. Industry sources show 33,000 more cattle up for sale this week which could make lower bids more likely, but sellers shouldn’t see bids dip too low as packers continue to make decent margins due to high beef prices.
Each week Drovers CattleNetwork awards a $100 gift certificate from Cabela's to the industry leader whose forecast comes closest to the 5-Area cash trade number reported by the USDA. The most recent winner was Ben Stromgren, Bartlett Cattle.