A Look Into New Crop

Cattle – BB sets back again and now gives up all recent gains, NE bids at 187 late yesterday (+$0.50)

↔ Yesterday’s PM BB was choice -1.28 Select -2.49 packer BE at 184.52, packer cushion $0.26

↔ Gross packer profits are now back to near zero due to BB giving up all recent gains

↓ Steer dressed weights up 1 lb, now 30 lbs over last year levels

↔ Packer bids late yesterday in NE were 187 which is +$0.50 and what futures finished yesterday pricing in, this gives reason for calm trade to finish the week

↓ Our #1 guide of BB has now moved back down to near yearlong lows, packer profits also back near lows on the year, neither suggests a positive outlook for cash trade prices next week