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Canfax reports Canadian and US cattle inventories continued to decline, with Canada's herd at 11.1 million head on January 1, 2024, the smallest since 1989. Drought and a snow drought on the Prairies reduced cow numbers and feeder prices reached record highs.
Shrinking herds keep feeder and fed cattle supplies tight, supporting prices and sustained feedlot demand for feed grains.
canadiancattlemen.caCanfaxMay 3, 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.
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.
