Irony of report timing

[feeder]

Does anyone else think the timing of the cattle inventory in Canada report is strange. Box beef was up this AM, packers were slowly increasing their bids, they are short bought, the report comes out and box beef falls out of bed. Last week the same thing happened when packers needed to buy cattle. Some border news slowed the bidding down. I know who I want to blame but then I'd be accused of a packer blamer. LOL

 

[agman]

The beef market was down $2.00 at noon today. Packer margins were minus $44.25 per head this AM. You must be aware that when the volume of beef trade is very light it can be skewed by a small amount of prompt ship sales which can command a modest premium while out-front sales are lower and no buyers exist. Early week cutout prices are skewed in favor of promt ship sales. This is especially true on Tuesday. The beef market has been very weak and remains very weak today. If packers do not reduce kill levels next week the choice cutout will go down to $138.

The Canadian inventory report was released at its normal date. Have a great day.