This upcoming week will be subject to some report pressure as Friday the Bi-Annual Cattle Inventory report is released, as well as the monthly Cattle on Feed report. Given the phenomenal week the cattle contracts successfully secured last week (rallying from the previous Friday $3.28 in the August live cattle contract and gaining $6.95 in the August feeder cattle contract), the industry will roll into the week optimistic but will fight some bearish counterparts Friday afternoon.
The July Cattle Inventory report doesn't demand as much attention as the January report, as its findings usually align similarly to the January report. However, remember it is 2020 -- so who knows what will be unveiled. Given that it's been a year of volatility and utter chaos, cattlemen and market analysts alike are looking for fine-detailed facts that can shed light onto the upcoming months. A key in analyzing these reports is watching the "other disappearances" category: The smaller the number, the more concrete the facts, the larger the number the more questions that rise.
Along with the two cattle reports, be sure to continue to watch the industry's feeder cattle sales. Last week, Western Video Market hosted its sale in Reno, Nevada, and sold the socks off feeder cattle. There was special interest and extreme demand for weaned program cattle, such as non-hormone treated cattle (NHTC) and Global Animal Partnership (GAP) steers. This week Northern Livestock Video Auction will host its Summertime Classic, selling right at 145,000 head. And next week the spotlight jumps to Superior again for its Video Royal sale, selling right at 195,500 head.
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ShayLe Stewart can be reached at email@example.com
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