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US imported beef prices eased as trading volumes stayed light and US buyers held back ahead of summer. June fed cattle futures were priced about 13% below current levels after USDA's April cattle on feed report showed inventories up 7.4% year on year.
Larger feedlot inventories and a discounted summer futures curve point to softer US cattle prices, weighing on feed demand for cattle rations.
mla.com.auApr 23, 2018After 144 past bearish report events, LCATTLE 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, FCATTLE 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.
June futures priced well below spot and COF inventories up 7.4% signaled expected supply pressure, with light imported beef demand.
