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The USDA January 1 cattle inventory shows total cattle and calves at 94.4 million head, down slightly from a year earlier, with beef cows down about 1% at 31.3 million. Replacement heifers fell, signaling producers have stopped expanding the herd.
A flat-to-shrinking beef herd tightens future beef supply and supports higher cattle prices later, while the cattle sector's feed demand for corn, DDGS and meal is also affected.
proag.comFeb 4, 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 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.
