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Cattle futures rose on Aug. 28 after USDA reported July feedlot placements of 1.6 million head, up 3% year over year and below expectations.
Analysts said the slowdown points to tighter supplies when cattle are slaughtered in early 2018, while Harvey's impact on Texas ranchers was seen as limited nationally.
Slower placements suggest fewer cattle will reach market in early 2018, which supports future livestock prices and the feedlot demand for feed grains.
foxbusiness.comBenjamin ParkinAug 28, 2017After 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.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% 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.
