Feeder cattle prices started a massive drop that got worse as the week progressed. They were mostly $6-9 lower but instances up to $12 lower by Wednesday, impacted by the fed cattle prices topping out, a lower box beef cutout, and plunging CME.
Likewise, slaughter cow receipts at cow auctions started their usual summer drop when cows are turned out on pastures. Slaughter cow prices were mostly steady to $1 lower and evened out more across the U.S. after the previous week's big post-holiday week push.
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