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USDA estimates the 2020 calf crop will be down 260,000 head after a 250,000 head decline in 2019, and sale receipts for cattle over 600 pounds are down 19% from 2019. Higher feed costs, poor wheat pasture and tight feedlot space have limited feeder price gains.
A smaller feeder supply is supportive for feeder cattle prices, but higher feed costs weigh on feedlot margins and the demand for feed grains.
u.osu.eduSmith atOct 21, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
