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Livestock futures closed lower on October 3 as a sharp jump in US job openings raised expectations of further interest rate increases. Feeder cattle contracts fell $4 to $5, hog prices dropped $3.18 on the afternoon report, and cash cattle traded $1 lower in the South and North.
Expectations of tighter rates and a stronger economy pressure futures and cash livestock prices, which lowers feeder and fed cattle values.
keyaglivestocklowdown.blogspot.comJWFOct 3, 2023After 37 past bearish macro events, Live Cattle moved a median -1.1% over 5 sessions (30% higher; middle half -4.3% to +0.4%), and -0.4% over 20.
After 27 past bearish macro events, Feeder Cattle moved a median -0.9% over 5 sessions (37% higher; middle half -3.7% to +0.4%), and 0.0% over 20.
After 17 past bearish macro events, Lean Hogs moved a median -1.0% over 5 sessions (35% higher; middle half -2.5% to +0.8%), and -1.6% 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.
