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Feeder cattle futures in Chicago climbed to their highest since March 2016 after a USDA survey showed the American herd shrank 1.3% from a year earlier. Harsh weather, high feed prices and drought have pushed cattlemen to send animals to slaughter earlier.
A smaller herd and tighter feeder supply support higher cattle prices and beef prices for consumers, while raising costs for packers. Feed buyers should expect firm demand for feed and continued strength in cattle values.
bloomberglinea.comMichael HirtzerJul 26, 2021After 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 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
