The House Agriculture Committee approved legislation to repeal mandatory Country of Origin Labeling a day after the World Trade Organization's Appellate Body ruled against it once again, in favor of the complaint brought by Canada and Mexico that COOL violates U.S. international trade obligations by discriminating against livestock from Canada and Mexico, adding costs and burdens to cattle solely based on their origin.
Feedlot placements in April were significantly less than expected, according to Friday's Cattle on Feed report. Placements of cattle weighing more than 800 pounds continue to comprise the largest proportion of cattle entering feedlots.
Snug supplies and lush pasture prospects continue to underpin calf and yearling prices. Though fed cattle traded steady to lower in the spot market, Choice wholesale beef value reached a new high heading into Memorial Day.
The Food and Agricultural Policy Research Institute projects the U.S. beef cow herd growing 1.7 million head in the next four years before trending lower again. USDA's 10-year projections call for steady growth and more cows.
Calves and feeder cattle gained more ground this week as farmer-feeders joined the fray in search of cattle for summer grass. AMS analysts note that direct sales were also very active with the full price advance on feeder cattle.