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April live cattle closed at $164.12 on Feb. 3, 2023, the highest weekly spot close since 2014.
USDA reported U.S. cattle inventory at 89.3 million head, the lowest since 2015, with beef cows at a record low of 28.9 million after drought-driven herd liquidation.
Record-low beef cow numbers point to reduced calf and beef supply ahead, supporting cattle prices while raising feed and hay costs for producers.
dtnpf.comTodd HultmanFeb 6, 2023After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
The USDA inventory report showed the smallest herd since 2015 and record-low beef cows, a bullish supply shock that fed the rally dated Feb 6.
