Feeder cattle receipts at the test auctions dropped again this week and were well below last year, but drought conditions pushed a lot more cattle to auctions earlier this year. Prices rebounded just a little on Wednesday with the CME rebound, but were still basically $1-7 lower than last week.
There was a very big drop in slaughter cow receipts, but mostly in the West and Southwest which forced the prices higher there. Bigger runs of dairy cows in the East pushed prices lower in that region, causing a big spread in prices between regions. The cow cutout on Wednesday was $.75 lower compared to the previous Wednesday and 90 percent trimmings were $.60 cents lower.