Market Highlights: Hard to improve on current cattle situation

Beef prices are finding major support from domestic outlets while export markets continue to provide additional support. It may be difficult for the U.S. beef market to be in a much better situation than it is right now with reduced beef production in Australia, Brazilian meat companies facing challenges that have trading partners skeptical, China reopening their market to U.S. beef, and strong taste for beef domestically. All of these factors have helped support beef prices and thus packer margins and the expectation is for these conditions to persist for several more months. Read more…