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Calf and feeder cattle prices traded steady to slightly mixed, while fed cattle prices looked to rise. Snowstorms hurt cattle performance and feedlot demand.
USDA analysts cut the 2019 feeder steer price forecast to a midpoint of $144.50 per cwt on large feedlot supplies and slower placements.
A lower USDA feeder price forecast reflects heavy feedlot supplies and expected weaker placement demand, which points to softer feeder cattle prices in 2019. Higher feed costs add to the pressure on cow-calf and backgrounding margins.
beefmagazine.comWes IshmaelFeb 23, 2019After 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 78 past neutral report events, Live Cattle moved a median +0.2% over 5 sessions (54% higher; middle half -1.0% to +1.0%), and +0.7% 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.
