Superior Livestock’s biggest sale of the year kicked off yesterday. It’s their week-long week in the Rockies. They expect over 240,000 head of cattle, calves, and bred-stock offered before the gavel comes down Friday afternoon, so it’s a good market test.
We watched August Live Cattle and August Feeder Cattle. Both have followed a similar price path. Both reached their 52-week high on the 1st of May.
Both reached a near-term low on the 4th of June. We do see the difference though that Feeder Cattle can climb higher and perhaps close in on that $380 level. This is the bottom-line report.
We’ll be watching Trade Reaction to last night’s weekly crop progress report. We think it can support the grain trade. That’s our bottom line.
Audio Reporting by Mark Oppold for Southeast AgNet.