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Canfax reports Canada's total cattle inventory fell 2.8% to 12.29 million head on July 1, 2022, the first total herd decline in three years, with beef cow numbers at their lowest since 2015. Drought on the Prairies pushed heifers into feedlots early, and the USDA's 7% lower corn yield estimate has lifted feed grain prices.
A shrinking Canadian herd tightens cattle supply and supports prices, while the lower US corn crop lifts feed costs for feedlots. Both point to firmer cattle values and higher feed-grain prices.
canadiancattlemen.caCanfaxNov 16, 2022After 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.
