Pass -Chartewel Comm. We welcome any questions or feedback you may have on any of our articles. Email us . August futures are overbought and technically, appear to have made a top.
Stubborn bulls point to the futures steep discount to cash as a reason to buy the break.
It is rumored that packers may be a bit short bought after last week's moderate movement in the cash market which could help boost cash prices this week. However, cold, wet weather in the northern half of the US has done nothing to help seasonally waning demand. Box beef prices have steadily dropped this week, confirming the annual decline in consumer purchases. In addition, steer numbers appear more than adequate for the month of June. We would not be surprised to see cash prices begin to move lower beginning this week.