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Dry conditions since last fall left much less wheat pasture than normal in Oklahoma. Fewer stockers were placed on wheat, and many that grazed moved off early due to lack of forage.
Large stocker placements into feedlots over recent months have kept feeder cattle prices firm.
Drought-limited wheat pasture has pushed stocker cattle into feedlots early, supporting feeder cattle prices and near-term feedlot feed demand. Pasture shortfalls could tighten summer feeder supplies.
farmprogress.comDonald StottsMar 13, 2018After 79 past bullish weather events, Feeder Cattle moved a median +0.1% over 5 sessions (53% higher; middle half -1.4% to +1.7%), and +1.4% over 20.
After 29 past neutral weather events, Wheat (HRW) moved a median +0.6% over 5 sessions (52% higher; middle half -1.9% to +2.3%), and -0.7% 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.
