Slaughter cows and bulls $10-15 lower, pressured by big cow volumes and one packer being off the market.  Packers are losing hundreds of dollars on every cow they kill so they are trying to get the cows bought cheaper. They’re finding it hard though, as cow numbers are much lower due to a historically small cow herd and a tentative herd rebuilding effort. Expect the cow market to perform better than expectations even through the run. Yearling market $12-15 higher. Calves higher again, especially good quality. The big volumes right around the corner will test the resilience of this market but for now it looks extremely firm with a smaller herd and rapidly improving futures.  Ian