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NIDIS reports California and Nevada remain in nearly 100% moderate-to-exceptional drought after three consecutive driest water years on record. A third La Niña winter is forecast for Water Year 2023, suggesting continued dryness in southern parts of both states.
Drought in California and Nevada pressures pasture and hay availability, which can push western cattle producers to sell or buy more feed, though the regional effect on national feed prices is limited.
drought.govOct 18, 2022After 20 past neutral weather events, Live Cattle moved a median +0.4% over 5 sessions (60% higher; middle half -0.3% to +1.2%), and +3.0% 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.
