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A University of Georgia extension cattle report notes late Midwest corn plantings and lower corn acres have pushed corn futures higher. Southeastern steer and heifer prices fell about $2 from the prior week, and feed rations may shift toward wheat or sorghum as corn rises.
Higher corn prices are passing through to lower cattle values and encouraging feedlots to substitute cheaper grains such as wheat and sorghum. This supports demand for those alternative feed ingredients.
site.extension.uga.eduJun 24, 2019After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 29 past bearish weather events, Feeder Cattle moved a median +0.5% over 5 sessions (62% higher; middle half -0.5% to +2.6%), and +2.4% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
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.
