Cattle futures have continued to decline to what now is a seven-week low. While fed cattle trade saw steady to firm prices at $144 to $148 live and $230 to $234 dressed, futures fell sharply for May feeders, down an average of $5.775 each week. Live cattle dragged out the week’s sharp losses due to USDA’s bearish Cattle on Feed report.

The report revealed nearly 2 million head were placed on feed, upping the total to more than 12 million, 1.7% higher than last year and the highest total to date. As summer draws nearer, seasonal highs and historically large fed cattle supplies will continue to impact the market.

Read more on cash cattle and futures here.