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Pete Crow reports cattle markets turned stronger as futures recovered, with feeder contracts gaining about $7.50 over two days and June live cattle closing at $133.50. Nearby corn fell to around $7.30 per bushel, and cash trade was slow at about 50,000 head between $135 and $140 live.
He notes that E15 use will continue through summer, adding pressure to corn supplies.
Futures recovery and expectations of slower cash trade signal firmer cattle prices, while lower corn prices and continued E15 blending pressure corn values.
wlj.netPete Crow, WLJ publisher emeritusJun 3, 2022After 17 past bullish policy events, Live Cattle moved a median -0.0% over 5 sessions (47% higher; middle half -1.2% to +0.9%), and +1.0% over 20.
After 10 past bullish policy events, Feeder Cattle moved a median +0.4% over 5 sessions (60% higher; middle half -0.9% to +2.2%), and +0.3% over 20.
After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), 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.
