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Live cattle futures on the CME surged on April 22 after USDA reported that March cattle placements into US feedlots fell 12% from a year earlier, which was steeper than the 7% decline analysts expected. Total cattle on feed as of April 1 was 11.8 million head, up 1%, below the 2.1% increase expected.
CME June live cattle settled at 178.050 cents per pound.
Smaller-than-expected placements signal fewer market-ready cattle later this year, which supports cattle prices and the outlook for feed demand.
thecattlesite.comMelanie EppApr 23, 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.
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.
