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The USDA July Cattle inventory put total cattle and calves at 103 million head, slightly above last year. Beef cows were down 1% at 32.1 million while milk cows rose, and heifer retention was mixed relative to expectations.
A herd roughly steady with little expansion suggests limited near-term supply growth, supporting cattle prices while beef cow numbers keep declining.
agdaily.comAGDAILY ReportersJul 29, 2020After 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 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
After 136 past neutral report events, Milk (Class III) moved a median -0.1% over 5 sessions (43% higher; middle half -0.7% to +0.5%), and -0.3% 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.
