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Australian cattle prices have fallen to their lowest level in about nine years. Ranchers are culling an expanded herd ahead of drier weather from the onset of El Niño, and prices have slumped almost 60% this year.
El Niño drought risk reduces Australian pasture and grain feed availability, while herd culling increases supply and pressures cattle prices further.
bloomberg.comKeira WrightOct 3, 2023After 134 past weather events, Feeder Cattle moved a median +0.3% over 5 sessions (57% higher; middle half -1.3% to +2.2%), and +1.2% 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.
