Monday Market Sentiment: Gains continue after late-week rush
After a rally last week, survey of cattle-industry leaders suggests the average price for cash cattle will increase $1.17 to $128.19 per cwt 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 skyrocketed, moving $5.03 higher during the week to finish at $128.02. As predicted by our panel, the market made a turnaround this week, ending three consecutive weeks of losses.
U.S. cattle futures started Tuesday steady to higher after a rally in the cash market Friday and strong wholesale beef values to start this week. Futures sales remain strong to keep up with cash and beef sales. Cash cattle prices reached a new record high in the Plains on Friday, selling for 128 to 129.50 per cwt.
Each week Drovers CattleNetwork 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 winner was Joe Morgan, Poky Feeders.