Sort & Cull

Besides the historical low in the beef cow herd -- which has shifted supplies from an abundant state to that of a depleted necessity -- one of the other heroes in today's cattle cycle is the devoted feedlot managers who continue to advance the market.

It would be so tempting for these individuals to hand the reins over to the next guy in line and slip out for a much-needed family vacation to the lake for a week or two. As you know, it is almost the first of August, and no one expects fed cash cattle prices to be able to gain a dollar or two during this time of year. But instead of becoming lackadaisical and complacent behind the wheel, these men and women remain steadfast and laser focused on advancing the market whenever the opportunity presents itself.

And that's exactly what they did last week. Southern live cattle traded at mostly $230 to $232 last week, which was steady to $2 higher than the previous week's weighted average. Northern dressed cattle traded at mostly $380, which was $1 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 62,915 head. Of that number, 71% (44,769 head) were committed to the market's nearby delivery, while the remaining 29% (18,146 head) were committed to the market's deferred delivery option.

It's hard to believe that when packers are ratcheting chain speeds even lower, feedlot managers have been able to continue to advance the fed cash cattle market. They have collectively worked together, week in and week out, to hold out on trading cattle until packers advance their initial bids.

And interestingly enough, with the slight uptick in boxed beef prices late last week and Monday, there's a chance packers may have to be aggressive in this upcoming week's trade as well, especially as they are desperate to get an edge up on feedlot managers. Packers can't afford to miss out on the opportunity to market beef at these prices.

Stay tuned for the week's trade ahead, because with this market, anything is possible.

ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com

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