Two weeks ago we were talking about higher highs and no where to go but down for the cattle market and thats exactly what we got. The market corrected over the past two weeks which could be fine long term technically. What has hurt Canadian feedyards is that the Canadian dollar has rallied over that same period (CDN -June is 0.7403) of the past two weeks.
In this weeks edition of the Beef Market Update, Anne Wasko, Gateway Livestock exchange, talks about the market correction over the past two weeks and what we can expect heading into the latter half of May. Shaun points out though that over the last three months feeder cattle and live cattle have been the two best performers in the futures market for commodities, energy and currencies. August feeder cattle are up 20.84% and June live cattle are up 17.15% over the last three months.
Its not all bad cause its BBQ season. Have a great long weekend!!!