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USDA's National Agricultural Statistics Service skipped its July Cattle Inventory report for the first time since 2016 due to budget constraints. The article outlines the second-half 2024 outlook for cattle, hogs and poultry, noting the US cattle herd is the smallest since 1951 and HPAI continues to affect poultry.
A shrinking cattle herd supports high beef prices and tighter feeder cattle supply, while hog profitability and poultry disease shape demand for corn and soymeal in animal feed.
fb.orgBernt NelsonAug 1, 2024After 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 61 past neutral report events, Lean Hogs moved a median -0.4% over 5 sessions (48% higher; middle half -1.3% to +1.8%), and +2.1% over 20.
Not enough comparable past events yet for a historical read.
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.
