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Markets traded sideways ahead of the May Cattle on Feed report, with analysts expecting May 1 on-feed up 2.9%, April placements up 13.5% and April marketings up 6.6%. Cash fed cattle traded mostly $114.50 to $118.50 live, averaging $115.82.
Expectations for the biggest May 1 supply and record April placements point to heavier feedlot supplies, which would weigh on cattle futures if confirmed.
wlj.netKerry Halladay, WLJ Managing EditorMay 23, 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.
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.
Markets steadied ahead of the Cattle on Feed report with expectations largely priced in and strong cash fed cattle trade, supporting a bounce from lows.
