Chip Shortage Contributes to Fall in Steer Prices

Chip Shortage Contributes to Fall in Steer Prices

The US hide market began the week with lower reports on steer selections. Heavy Native Steers dropped $2 for packer material due to the impacts of the chip shortage. The global container shortage and the uncertainty of the COVID-19 virus variants combined with the chip shortages are contributing risk of lower prices in the near term. 

For the week ending October 9th, 2021, cattle slaughter is forecast at 650,000 head; a 2 percent growth from 2020; a 2 percent increase from the previous week; and a 0.3 percent increase from 2019. According to the USDA Actual Slaughter Under Federal Inspection for September 30th, average live weights are currently at 1,367 pounds, 3 pounds below the week prior and 21 pounds under the respective period for 2020. Over the next six weeks, cattle slaughter is forecast to average 648,130 head per week, a 0.46 percent decrease from the prior six-week average. The harvest is projected to run 0.1 percent below 2020 levels…

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