Canfax senior analyst Brian Perillat is providing a cattle market update.
"Drought has certainly been the top story affecting the markets...From a price perspective, the markets have held together relatively well. Not only are we seeing cattle move a bit early, we're seeing grain prices record highs. New crop prices just have not come off at all...On the other hand, yearlings, guys that have had to sell grass cattle have done quite well...Calves have been holding together as well, similar to where they were a year ago."
He also touched on fed cattle prices.
"Fed cattle prices, they also bumped up...They crept up a couple of dollars last week. We do have to watch. Feedlots still with all the costs and the fed market not as strong as we'd like it. They're continuing to see some red ink in the marketplace."
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