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USDA ERS economist Russell Knight reports that a mid-February winter storm cut weekly cattle slaughter by up to 12% and shifted steer and heifer marketings from the first quarter into the second. Higher cow slaughter is expected in the first half of 2021, and high wheat prices may move cattle into feedlots sooner.
Shifted marketings and higher cow slaughter change near-term beef supply and feedlot placements, which affects feeder cattle demand and feed grain use in the Plains.
agproud.comRussell KnightApr 23, 2021After 78 past neutral report events, Live Cattle moved a median +0.2% over 5 sessions (54% higher; middle half -1.0% to +1.0%), and +0.7% over 20.
After 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% 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.
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.
