Snow

Cattle Call
7 - 24 - 2026

Cattle futures had a mixed week after 3 big down ones in a row. It would appear to me as though this recovery is due to short profit taking for the most part. The market rallied off of the measurements from the gap we left on 7/14. Strong technical move. I can't point to any fundamentals as to why it would catch right here. This level of volatility seems to be a normal for the cattle complex. It is a function of the market to overdue itself.

Packers have no doubt played their hand in recent weeks to gain some leverage back over the producer. Lower boxes, kills cuts, cooler clean outs, etc. $365 traded in the north this week. I would caution against holding inventory through this period to wait for higher prices. Given current circumstances, packers have no incentive to raise prices to procure inventory. We are in the seasonal dog days of summer.

Cash feeders have been softer this week, which is overdue. Cash feeders that are $400/hd behind at the time of placement does not seem very sustainable long term.
Long term supply outlook is still very limited. The market does have real potential to rally again. Boxes need to rally. Feedlot inventories need to stay current. I would advise caution though. The story is currently changing from a supply story to a demand and import story. I am not saying that supply wont be the story again, but currently its not. We need to be aware of what story the market is trading, even if it doesnt fit our narrative.


The risk of loss when trading futures and options is substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.


Dallas Granstra