USDA forecasts Argentine beef exports in 2021 at 770,000 tonnes carcass weight, 50,000 tonnes below 2020, as slaughter falls on negative margins. Australia's herd is reportedly entering a rebuilding phase after drought, and cattle herds are growing in Latin America and China.
Tighter Argentine export supply and Australian herd rebuilding keep beef supplies constrained, supporting cattle prices, while high corn costs squeeze feedlot margins.
After 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 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.