
USDA's Ag Outlook Forum projections for 2023 show the cattle herd shrinking for several years, with about 4.5 million head lost over the past two years, mostly in 2022. Drought in the western US forced heifers into feedlots and sped slaughter.
A smaller herd reduces cattle and beef supply, supporting higher cattle prices and lowering feedlot placements that drive feed grain demand.
After 268 past bullish report events, LCATTLE 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, FCATTLE moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
After 770 past neutral report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.