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Live cattle closed sharply lower after a weaker-than-expected export sales report, with June live cattle down $2.20 and August down $3.82. Feeder cattle were mixed, and sharply lower corn limited losses.
Cash cattle trade was quiet with scattered deals reported.
Weak export sales signal softer US beef demand, pressuring live cattle prices. Lower corn helps feedlot margins but cattle price direction is down.
brownfieldagnews.comMeghan GrebnerJun 17, 2021After 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.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
Sharp June 17 drop in live cattle after weak export sales set up an oversold market, making the June 21 move plausibly a bounce.
