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USDA's July inventory report put all US cattle and calves at 95.9 million head on July 1, 2023, down 3% from last year and below analyst expectations. Beef cattle supplies hit a 52-year low, and the steer price is 27% higher than a year earlier.
A smaller herd than expected and record-low beef cattle supplies support higher cattle and beef prices, and reduced slaughter supply tightens the market for feed-fed animals.
fb.orgBernt NelsonAug 1, 2023After 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.
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.
