Buyers continued to pressure the market with bids lower than current market levels, but sellers countered with steady levels. The business that was concluded was for regular-weight branded and heavy native steers, down $0.50-$1 from last reported levels. Regular-weight Colorado branded steers traded $2 higher from yesterday and $0.50 higher from last Thursday’s report. Another seller reported a trade $0.50 below last Thursday’s level.
Traders have a sense that packers are building inventory and need to sell material because of the willingness to sell at lower levels and the poor outlook on the global economy.
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