Just when the cattle bulls were beginning to think about coming out from hiding, the cattle markets quickly reminded us yesterday that there will be no "V" bottom reversal this go around. Most live cattle contracts traded to fresh contract lows late in the session yesterday with feeders not far behind, both markets still wounded from what remains very weak spot cash and beef values. Our weekly Oklahoma City feeder auction on Monday showed cash feeder prices down mostly $4-6 vs the prior week; calves down another $7-12. And then we did see some fed cattle trade develop yesterday in the North region at $205-208 dressed, down another $5-7 vs last week's trade with producers there accepting of the first packer bids of the week. There was some hope that last week's larger trade volume, large slaughter rate, and smaller showlist could have been the "flush" needed to stabilize the market, but now that thought looks to have been premature. Choice and select cutout indexes down $3 yesterday as the wholesale market absorbs last week's large production run. Futures are looking softer this morning.
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