
USDA's Cattle on Feed report showed March placements down 12% year over year, well below the expected 7% decline, reducing future market-ready cattle supplies in a herd at its smallest in over 70 years. Higher-than-expected slaughter also lifted CME June live cattle and May feeder cattle futures.
A tighter-than-expected placement report signals smaller future cattle supplies, supporting live and feeder cattle prices.
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 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.
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.