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USDA's January 1 Cattle inventory showed 87.2 million head, the lowest Jan. 1 total since 1951.
The beef cow herd of 28.2 million head is the smallest since 1951 and the calf crop of 33.6 million head is the smallest since 1948. Drought and high input costs drove producers to sell more females.
The record-low herd and calf crop point to tight feeder and fed cattle supplies through 2024, supporting prices. The analysis reinforces the bullish outlook for beef cattle markets.
fb.orgBernt NelsonFeb 5, 2024After 268 past bullish report events, LCATTLE 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, FCATTLE 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.
