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Feeder cattle futures spreads across all months have recovered to near pre-COVID levels as quarantine restrictions and packing plant capacity issues have largely been resolved. Pasture conditions have deteriorated, with the share rated poor or very poor rising since late May and running well worse than the five-year average, driven by drought spreading from the Southwest into the Great Plains.
The author notes producers may need to market weaned calves earlier or winter them.
Deteriorating pasture forces earlier calf sales and adds supply to feeder markets, which could pressure prices, while cheaper corn would support feedlot margins. Producers can use futures spreads to lock in margins.
u.osu.eduSmith at29 jul 2020Tras 21 eventos neutral de clima pasados, Ganado de engorde (feeder) se movió una mediana de +1,7 % en 5 sesiones (67% al alza; mitad central entre -0,1 % y +2,3 %), y -0,2 % en 20.
Tras 20 eventos neutral de clima pasados, Ganado en pie se movió una mediana de +0,4 % en 5 sesiones (60% al alza; mitad central entre -0,3 % y +1,2 %), y +3,0 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
