The price for 5-area cash cattle continues a two week slump, taking another huge dip from the previous week. The price drop went from $167 in the previous week to $162.67 last week.
Our panel of cattle industry experts predicted the drop, however estimated it to only slip down to $165.32. This week the Monday Market Sentiment panel is projects the market to continue the downward movement, dropping to $161.68.
Choice boxed beef continued to lose momentum last week that had been gained in previous weeks. After seeing a $4.43 drop throughout the previous week, last Tuesday’s high of $250.51 declined to $245.52 by Monday. This moved the 27-day average to $252.69.
Choice primal rib has cooled off after breaking a year high of $413.39 in the previous week. Tuesday saw a high of $400.80 and continued to sharply decline throughout the week to Monday’s low of $386.71 – a $27.22 price drop from that point a week earlier. The price drop moved the 27-day average to $393.14.
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 was Joe Morgan, Poky Feeders.
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.