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USDA-ERS economists report that steer and heifer slaughter ran slower than expected in November and early December, suggesting slower marketings. Fourth-quarter feeder placements are running above year-ago levels, supported by heifer retention and feeder demand.
Feeder prices have hit nominal records this year but are lower when deflated to real terms.
Slower marketings and firm placements tighten near-term feeder supply, which supports feeder cattle prices and feed demand. Real-price weakness signals limited underlying strength in the feeder market.
agproud.comHannah Brooks, Russell KnightDec 28, 2023After 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
