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Reuters reports the U.S. cattle herd shrank further, with ranchers reducing it about 2% from a year earlier to its lowest July 1 level in roughly seven years. Lower cattle prices are noted as benefiting livestock producers while high beef prices persist.
A smaller cow herd tightens feeder cattle and beef supplies, supporting cattle prices into 2023 and keeping feed demand steady for buyers.
reuters.comTom PolansekAug 9, 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.
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.
