TCR's Weekly Market Summary...
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For the week ending August 10th: 

  • Labor Day demand pushed boxed beef higher.  Feeder and stocker cattle ignored $2 and $3 lower futures and sold mostly steady while fed cattle caved and sold $3 lower on Thursday and Friday. Corn futures, reacting to projections of record yields, closed 12 cents lower.
  • The drought is becoming a more important market factor... With 60% of U.S. pastures in fair to very poor condition, feeder cattle and stocker calves in many areas will be marketed earlier than normal.  This will result in larger feedyard placements in July through September and lower placements in October through December.  Additionally, with short supplies of hay available, cow herds are being reduced, resulting in slaughter cow prices being the lowest since 2009.

 

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