After an upward trending market, the 5-area cash cattle price took a $4.66 hit last week, dropping from $171.66 to $167.
Our panel of cattle industry experts who are part of the Monday Market Sentiment estimated the drop, however predicted it to settle at $170.97. This week the panel estimates the market to continue downward to $165.32.
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Choice boxed beef kept up some of its momentum from the previous week, seeing a high of $256.41 on Wednesday. Prices continued to decline steadily on into the week, dropping to $251.98 by Monday. The price movement set the 27-day average at $253.36.
Choice primal rib prices spiked back up last week after seeing some decreases in the previous week. Tuesday started out at $403.32 and was hitting a record high of $413.39 by Monday. The price jump moved the 27-day average from $378.17 in the previous week to $387.70 last week.
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 winners were Wayne Lee and Jim Gilmore of Cattle Empire.
Want to join the expert panel? Email your 5-area cash trade estimate by 10 a.m. CT each Tuesday to email@example.com along with your name and company affiliation.