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USDA's midyear reports showed cattle on feed on July 1 at 11.28 million head, up 4.3% year-on-year and 8.9% above the five-year average. Cow slaughter stayed high and US beef exports rose 14.5% in the first five months, with supplies pushing further into Japan and Korea.
Heavier feedlot supplies and rising beef exports add pressure on cattle prices while competing with Australian beef in Asian markets.
mla.com.auJul 25, 2018After 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.
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.
