The live cattle market continues to hold bearish undertones as front-end supplies are reported as fully adequate to burdensome. Nearby cattle contracts on the CME have not given direction one way or the other to the cash market. Sellers of fresh 90s look to maintain current levels and offer product accordingly. Buyers present business lower and are confident these levels will be met. The 50s market continues to hold a steady undertone with offerings seen consistent with current listings.
Analysts indicate the market was down because of weak sales.
Several analysts feel the market may rebound some in the next 14 days. If retail and foodservice orders remain weak, this may not happen. Suppliers are churning extra product, but orders have slowed. If orders pick up the market could climb back, but current pressure is down. Cheese - The Block and Barrel markets are down slightly.