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USDA's Livestock, Dairy and Poultry Outlook says drought has eased across much of the U.S. but about 41% of the country remains in some drought. Hay stocks on May 1 were 13% below last year, the lowest in a decade, and beef cow culling remains high.
Tighter forage and a smaller calf crop point to lower beef output in 2024 and firmer cattle prices, while lower feed costs help producer returns.
cattlerange.comMay 22, 2023After 268 past bullish report events, LCATTLE 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, FCATTLE moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
After 1,102 past bearish report events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
