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Beef Update 10/6

Look for beef prices to begin rising. The cattle market continued it's rally in all regions. The 4 packers are kind of split right now -- 2 actively buying, 2 on the sidelines waiting. Market-ready cattle is in short supply right now so ranchers are getting the money they need on feeder cattle. That only means that packers will look to improve margins to counter their rising input costs. Beef is still a hot item in retail and consumers are willing to pay up, as we saw during the early summer months of the Pandemic. Packers that participated in the cash market last week made buys through Friday with extra slaughter days to get them harvested. Several producers across both regions passed on this week’s bids anticipating the cash cattle values will continue to rise in the weeks ahead. The upward movement in the market will most likely continue, due to cash still lagging behind the futures, but could slow in the increase.

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