Market Activity

Action today was limited to ruminant MBM lower out of the Mo. River. The bottom side of the range fell to $265 FOB today. Pressure continues to build for ruminant MBM prices to move lower. Today’s cattle on feed report showed 11.7 million head of cattle on inventory for April 1. This is the second highest April inventory number in the history of the series beginning in 1996. The strong inventory numbers mean big slaughter numbers in the coming months, which isn’t a…