Loading…
USDA ERS economists report that about 22% of the US was in drought as of June 6, though 40% of the beef herd remained under drought conditions. Pastures improved in the Great Plains but declined in the Midwest.
Feeder calf demand is well supported by improving pastures and lower expected feed costs.
Better pasture and cheaper feed support feeder calf demand and prices, while Midwest pasture declines could limit that support.
agproud.comHannah Brooks, Russell KnightJun 19, 2023After 79 past bullish weather events, Feeder Cattle moved a median +0.1% over 5 sessions (53% higher; middle half -1.4% to +1.7%), and +1.4% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% 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.
