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Oklahoma State extension reports that persistent drought continues to strain pasture and range in the Great Plains, with poor-to-very-poor pasture ratings at 64% in Kansas and 68% in Nebraska in early May. US hay stocks on May 1 were down 13.4% year over year and 26.4% below the ten-year average.
Poor forage and short hay supplies force earlier cattle marketing and raise hay and feed costs, supporting cattle prices and boosting demand for grain-based feed.
extension.okstate.eduMay 15, 2023After 80 past bullish weather events, Live Cattle moved a median +0.1% over 5 sessions (54% higher; middle half -0.8% to +1.3%), and +0.7% over 20.
After 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 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
