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Cattle futures fell after the April Cattle on Feed report showed the April 1 inventory at 12.1 million head, the highest on record for that date since 1996. Placements were above expectations, and cash prices remained firm in the Midwest.
Record feedlot supplies add near-term bearish pressure on cattle futures, though firm cash trade and deferred-contract strength limit downside.
farmprogress.comNaomi BlohmApr 28, 2022Not enough comparable past events yet for a historical read.
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.
The April Cattle on Feed report showed record-high April 1 inventory and above-expected placements, which pressured futures through the following week.
Record-high April 1 on-feed inventory and above-expected placements pressured futures, a supply-side bearish factor.
