Oklahoma State's Derrell Peel reports the fed cattle market has failed to rally this spring, with the five-market price averaging $113.81/cwt over six weeks. The March Cattle on Feed report showed March 1 feedlot inventories up 1.6% year over year.
Ample fed cattle supplies and the flat cash market keep pressure on live cattle prices despite a larger on-feed total, which is near expectations.
After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% 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.
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.