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Oklahoma State extension economist Derrell Peel reported that April 1 feedlot inventories were about 11.7 million head, up about 7.5% year over year. Steers on feed were up 4.1% and heifer inventories were up 14% as drought pushed cattle into feedlots early.
Drought and hay shortages in the Southwest are adding to pressure on producers.
Larger feedlot inventories set up seasonal peak marketings in May and June, which typically pressures live and feeder cattle prices. Drought-driven placements have increased near-term beef supply.
farmprogress.comLogan Hawkes 1May 4, 2018After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% 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.
