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USDA's July reports put the July 1 all-cattle inventory at 103.2 million head, up 1% year-on-year, with a calf crop of 36.5 million. Cattle on feed were 11.3 million head, 4.3% higher than a year earlier, and June placements ran 16% above the five-year average.
A growing herd and heavy feedlot placements point to ample cattle supply, which is bearish for cattle prices and supports steady feed demand.
ag.purdue.eduSarah E ZahnJul 13, 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.
