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Cattle futures climbed to record highs as prolonged drought in the southwestern United States hurt pastureland and led to culling of female animals. USDA data showed the Jan.
1, 2023 cattle inventory at 89.3 million head, down 3%, the smallest since 2015.
A shrinking breeding herd limits beef supply for a long period, which supports cattle prices and raises feed demand over time. Tighter cattle supplies point to higher beef prices into the summer.
marketwatch.comMyra P. SaefongJun 7, 2023After 80 past bullish weather events, Live Cattle moved a median +0.1% over 5 sessions (54% higher; middle half -0.8% to +1.3%), and +0.7% over 20.
After 79 past bullish weather events, Feeder Cattle moved a median +0.1% over 5 sessions (53% higher; middle half -1.4% to +1.7%), and +1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
