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A mid-year Farm Credit Canada outlook predicts declining red meat exports, higher feed costs and seasonal price dips in the second half of 2019. It also reports strong first-half Canadian beef demand, including a doubling of exports to Japan, and forecasts U.S. fed steer prices around US$1.10 to 1.17 per pound.
Higher expected feed costs and weaker export demand point to tighter cattle and hog margins for feedlots. Buyers should expect seasonal cattle price softness alongside firmer grain costs.
moosejawtoday.comRon WalterSep 9, 2019After 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 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
