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Meat & Livestock Australia reports that USDA's mid-year inventory put total US cattle at 103 million head as of July 1, 2019, unchanged from last year. The cow herd fell 0.2% to 41.7 million, the first contraction since 2014, and the beef cow herd is forecast to drop to 31.7 million by July 2020.
The analysis concludes the US herd has reached the end of its expansion phase.
A turn toward herd contraction tightens future beef supply and supports cattle prices over the coming years, though high near-term slaughter keeps beef output expanding.
mla.com.auMeat & Livestock AustraliaAug 1, 2019After 268 past bullish report events, LCATTLE 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, FCATTLE 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.
