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Meat & Livestock Australia reports that feeder steer prices have fallen about 31% since January while feed wheat prices have risen about 16%. The national feeder steer price is around 250c/kg lwt and Darling Downs feed wheat is about $465/t.
Feeder cattle and feed grain costs are moving in opposite directions, so feedlot margins are being squeezed and days on feed are expected to shorten. Lower feeder demand points to weaker feeder prices.
mla.com.auMeat & Livestock AustraliaOct 1, 2023Not 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.
