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USDA Federal-State market news reports receipts of 235,000 head for the week, with steers and heifers sold $2-7 lower. Drought covers over 75 percent of the country, prompting early calf shipments, while new-crop corn prices rose and raised feeding cost concerns.
Higher new-crop corn prices and expanding drought increase feeding costs and push early calf marketings, which tightens feed demand dynamics for buyers.
capitalpress.comStaff ReportsSep 30, 2022After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 29 past bearish weather events, Feeder Cattle moved a median +0.5% over 5 sessions (62% higher; middle half -0.5% to +2.6%), and +2.4% over 20.
Not enough comparable past events yet for a historical read.
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.
