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USDA received court approval to proceed with aerial hunting of feral cattle in a New Mexico national forest. The weekly update also reports feeder cattle futures firm on lower corn, and that US beef cattle inventories are at their lowest since 1962.
A historically low cattle inventory tightens supply and supports cattle prices. Lower corn costs also help feeder cattle demand, though the feral cattle hunt itself has little price impact.
tridge.comVictor LangatMar 10, 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.
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.
