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Live cattle futures were mixed on October 11 as traders awaited direct cash trade. USDA projected 2018 beef production at 26.944 billion pounds, down from September, on slower fourth-quarter slaughter and lighter carcass weights, and the modest corn rally was largely ignored by feeders.
Lower projected beef output is supportive for cattle prices, but cash trade softness limits gains and keeps the outlook mixed for feeder demand.
brownfieldagnews.comOct 11, 2018After 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.
After 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% 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.
