In last week’s Feeder Cattle Review, economist suggested Mr. Grinch was sneaking around sticking lumps of coal in the stockings of cattle markets. The 5-area cash cattle market was no different and wasn’t spared in his scroogish mood, continuing a three week skid last week. The price for cash cattle dropped from $162.67 in the previous week to $158.38 last week.
Our panel of cattle industry experts who make up the Monday Market Sentiment predicted the drop, however underestimated the severity with a guess of $161.68. This week’s prediction is lower from their previous one, however estimating an increase to the previous 5-area cash cattle price to $160.07.
Choice boxed beef also continues to be on the decline, with a high of $242.88 on Tuesday that declined to $238.57 by Friday. The three week skid for choice boxed beef set the 27-day average down to $251.03.
Choice primal rib has been making significant decreases after setting a yearly record high of $413.39 the week of Dec. 9. Since then, primal rib prices have taken more than a $70 price hit. Last week saw a high of $363.35 on Tuesday, ending with a low of $341.89 on Monday. The decreases have moved the 27-day average down to $383.13.
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 Jim Gilmore, Cattle Empire.
Want to join the expert panel? Email your 5-area cash trade estimate by 10 a.m. CT each Tuesday to firstname.lastname@example.org along with your name and company affiliation.