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USDA ERS economists report the February 1 feedlot inventory was 11.797 million head, slightly above last year, while January placements fell nearly 9% year over year. Fed cattle slaughter has slowed, accumulating market-ready supplies in feedlots.
Larger feedlot supplies and slower slaughter can pressure near-term fed cattle prices, while sharply lower placements point to reduced feed demand later in 2024.
agproud.comHannah Brooks, Russell KnightMar 27, 2024After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
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.
