Monday Market Sentiment: Industry Leaders Predict A Decrease In Cash Cattle Prices
07/27/2010 07:47AM
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A survey of cattle-industry leaders suggests the average price for cash cattle will decrease $0.35 to 94.45 this week.
The Monday Market Sentiment is a forecast of the upcoming weekly cash trade (5-Area weighted average price) prices reported by the USDA. This week prices increased for the fourth consecutive week. Last week the USDA announced that cash trade for the week ending July 25th was 94.80, a 14 percent increase from a year earlier.
Among the reasons cited for the predictions were the drop in cattle futures and the flat beef market.
Rob Cook, Director of CattleNetwork agrees with the consensus estimate.
"Cattle futures moved sharply lower this week and the heat may force cattle feeders to move their cattle through very quickly."
Each week CattleNetwork awards a $100 gift certificate from Cabela's courtesy of Intervet/Schering Plough to the industry leader whose forecast comes closest to the 5-Area cash trade number reported by the USDA. The most recent winner was Shelby Jones, Ranger Feeders.