Cash trade retreated $1.60 from last week, dropping to $148.95 per hundredweight. This is the first week prices have declined since the first week of February. April live cattle futures closed on Monday at 143.15 which is only $0.50 above the 5 day low set on March 5, 2014.
Boxed beef prices are continuing to trend upwarded after a significant drop last month, jumping to $238.90 and setting a new 27 day high on Monday. This is close to an $8 increase within the last 10-day market report.
Our panel of experts predicts that cash trade will be mostly steady to lower to $148.15 this week. The Monday Market Sentiment participants have provided bearish predictions over the past month, yet prices continue to soar.
The Monday Market Sentiment is a forecast of the upcoming weekly cash trade (5-Area weighted average price) prices reported by USDA.
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 USDA. The most recent winner was Mike Drinnin, Drinnin Feedlots.