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Futures fell by the daily limit after the October USDA Cattle on Feed report showed feedlot inventory at 11.58 million head, up 0.6% year over year, and September placements up 6.1%. Cash fed cattle traded near $183, about $3 lower than the prior week.
Higher placements and feedlot supplies add near-term pressure on fed and feeder cattle prices, though packers' need for cattle into the holidays should limit the decline in cash prices.
wlj.netPete Crow, WLJ publisher emeritusOct 27, 2023After 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 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% 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.
