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The cattle market has been flat with steady cash prices for three weeks, and the July 1 USDA cattle inventory report matched pre-report estimates, showing a flat cow herd and slightly lower calf crop. Beef replacement heifers fell 4 percent, and US beef exports are slightly lower year over year.
A flat herd and reduced heifer retention point to continued tight cattle supply, supporting fed and feeder cattle values, while feed cost uncertainty limits feeder buying until fall.
tsln.comJul 26, 2019After 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.
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.
