As our beef market expert Anne Wasko puts it, ‘It was the dog days of summer —but for the beef industry’ last week.
It was a quiet trade week, and the cattle that did trade looked about $2 lower than the average price this year — however, it’s not a big surprise due to the time of year.
South of the border, Wasko says it’s also quiet in the U.S. with bids coming out at about $3 lower than last week. However, as of Friday afternoon, trade in the states hadn’t occurred yet.
In regards to the feeder market, it’s projected the fall run will start a bit earlier than expected as producers grapple with drought like conditions across the prairies. Wasko says yearlings will likely come off grass this week and more producers will follow suit with August just around the corner.
On Friday, it was announced the U.S. GDP was strong, and that’s what Wasko says is a good indictor for demand in all proteins to become even stronger as the consumer has a little more cash in their pocket to spend.
RealAg Radio host, Shaun Haney also brings up the fact, cold storage volumes are up in the U.S. with many blaming trade tensions for the rise.
For the full breakdown on the beef market this past week, listen below.