After tipping record highs, fed cattle prices have continued a two-week fall, dropping the 5-area cash price from $162.79 to $159.94. Speculations attribute this to Russia’s announcement of banning beef trade and other agricultural commodities with the U.S. for one year. However, if that is the case, the ban is projected to have little lasting impact to the market.
Our panel of cattle industry experts projected the market to decrease to $162.32, missing the mark by a modest margin. This week, they estimate further decline from their previous guess, down to $157.78.
A month ago, choice boxed beef prices were tipping the bank at $252.17, last week choice boxed beef saw a high of $263.27 on Tuesday and ended on Monday’s low of $259.44. The week’s price spread moved the 27-day average to $255.61.
Choice primal rib saw gains last week from the previous week’s closing high of $349.40 up to $358.57. The price proved to not be sustaining, and quickly dropped throughout the week, landing on Monday’s low of $345.41. The decline moved the 27-day average from the previous $363.75 mark down to $357.47.
Each week the Cattle Trader Center, on behalf of Vance Publishing, 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 Wayne Lee, Cattle Empire.