TCR's Weekly Market Summary...
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For the week ending July 13th:
Overall, the cattle/beef complex has "flat-lined." Dressed beef continued its seasonal decline and cattle futures closed slightly lower while the strength in the complex came from feeder and stocker cattle.
Herd Expansion Over?
Recent data indicates that herd expansion is over and a reduction may have started in early 2018. Year to date, cow slaughter is up 11% and is the highest since 2013 when the cow herd dropped to 1952 levels. Additionally, year-to-date heifer slaughter is 8% higher than the same period in 2017. This is bearish in the short term as this increases the amount of beef available but bullish further down the road.
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