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USDA ERS raised its 2024 feeder steer price forecast to $258.50/cwt and third-quarter forecast to $269, citing tight supplies. Oklahoma City feeder steer prices averaged $263.47/cwt in June, and imports of feeder cattle from Canada and Mexico rose year over year.
A tighter feeder supply and higher price outlook point to firm cattle demand for feed, with relatively cheaper corn supporting feedlot margins.
feedlotmagazine.comSources Russell Knight, Hannah Taylor, USDA, ERS, Katelyn SteffensJul 19, 2024After 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 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
