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Canfax reports that fed cattle set new record prices in March 2023 and feeder prices are approaching 2015 highs. Canadian and US cattle inventories were lower entering 2023 after two years of drier conditions, while feed grain prices remain well above historical levels.
Tighter North American cattle supplies sustain high cattle prices, while elevated feed grain costs continue to squeeze feedlot margins and temper placements.
canadiancattlemen.caCanfaxMay 11, 2023After 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.
After 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 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
