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USDA's September WASDE cut its 2017 total meat production forecast, with lower beef and broiler output outweighing higher pork and turkey. It also lowered corn and soybean price forecasts and cut 2017 cattle price forecasts to $118-120/cwt.
Lower USDA corn and soybean price forecasts reduce feed costs for livestock producers, while smaller beef and broiler output supports livestock prices.
meatingplace.comRita Jane GabbettSep 13, 2017After 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, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
Not enough comparable past events yet for a historical read.
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.
