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Estimated record US corn and soybean yields are supporting calf and feeder cattle prices, while drought is pushing hay costs higher. The September WASDE projected corn production at 14.8 billion bushels and soybean production at 4.69 billion bushels, with lower soybean meal prices.
Large grain supplies lower feed grain and meal costs, while drought-driven hay inflation raises the cost of roughage for cattle producers.
beefmagazine.comWes IshmaelSep 15, 2018After 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.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
