Volatile Cull Cow Market — After a volatile few months, cull cow values have rebounded from the late March drop back to the annual high and were last quoted at $60.95/cwt (CattleFax U.S. average Utility price). Large supply flooding the market caused the most recent break, while improved demand aided in the recovery as 90 percent lean trim prices broke through strong resistance. From here, cull cow supplies seasonally decline through the summer but will remain well above a year ago, allowing packers to maintain the leverage advantage. The 90s market is likely nearing its peak, which implies there is limited upside potential for demand. The cull cow market is expected to be in balance and should trend mostly sideways over the next 30 to 45 days, following the seasonal index. Beef cow slaughter in 2019 is 996,000 head, up 3.2 percent, while dairy cow slaughter is 1.16 million head, up 6.7 percent versus 2018. Bull slaughter is 156,000 head, down 6.2 percent. Year-to-date, cow carcass weights are averaging 649 pounds, down 1.9%. Source: Tanner Aherin, CattleFax Analyst