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Oklahoma and southern Plains drought is expected to persist and expand through year-end according to the Climate Prediction Center, with winter wheat planting behind schedule. Fall feeder auction volume has risen 12.9 percent year over year since Labor Day, while Oklahoma hay supplies remain large.
Drought delays winter wheat grazing and threatens pasture and water, which could push cattle to market earlier and add feed demand pressure later.
drovers.comOct 7, 2024After 29 past bearish weather events, Feeder Cattle moved a median +0.5% over 5 sessions (62% higher; middle half -0.5% to +2.6%), and +2.4% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
