Recent Cattle Feeding Losses are Staggering
Given the time constraints of the Thanksgiving week, I had considered trying to get by without putting out a livestock market update this month, but I didn’t want to let the current situation in the cattle market pass without any comment at all. So we’ll do a short newsletter this month and hope that the content of it doesn’t ruin everyone’s Thanksgiving.
The cattle market is in the middle of a historic wreck. That’s about all there is to it. We’ve talked about big front-end cattle supplies for the last couple of months, and that seems to be the dominant feature of the market right now. But rather than try to dig further into causes right now, I want to spend some time here talking about effects. We can start with a reminder of what fed cattle prices have done recently. Figure 1 shows the weekly 5-Area weighted average fed steer price.
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