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USDA ERS notes that carcass weights for steers and heifers are at record highs for the season, 37 and 29 pounds above a year ago. The May 1 cattle on feed inventory was 11.554 million head, about 1% below last year, and cattle on feed over 150 days was the highest since 2012.
Heavier carcasses partly offset fewer head slaughtered, but long feeding periods tighten near-term cattle supply and support fed cattle prices.
agproud.comHannah Brooks, Russell KnightJun 28, 2024After 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% 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.
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.
