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Brian Irey of Crossroads Co-Op says US beef cow herd is down over 700,000 head year on year, with heifers retained revised lower to 4.930 million head. Cattle on feed rose 1.6% from a year ago as dry weather pushed cattle into feedlots early.
He expects feeder supplies to tighten from April through June.
Tighter feeder supplies ahead point to reduced feedlot placements and lower future feed demand, though the tightness supports cattle prices. Sustained cattle herd contraction is a supportive long-run factor for cattle and corn demand.
aginfo.netFeb 14, 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.
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.
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.
