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USDA estimated cattle and calves on feed for slaughter at 11.28 million head as of August 1, up 2% from last year and above trade expectations. Analysts said cattle placements were higher as well.
Larger feedlot inventories signal more ample beef supplies ahead, which can pressure cattle prices and may reduce future demand for feed grains in the near term.
farmweeknow.comDANIEL GRANT FarmWeekAug 21, 2020After 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 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% 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.
