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Fed cattle prices averaged about $100 per cwt in October, compared with $131 a year earlier, and early November prices were above $100. Beef imports in Q3 2016 fell 16% year on year, and the 2017 Fed cattle price forecast was cut to $102-110.
Large beef supplies in cold storage and higher 2017 production forecasts keep cattle prices under pressure, weakening feedlot demand for feed. Lower import flows also reduce international beef trade.
agproud.comWilliam Hahn, Keithly JonesDec 23, 2016After 144 past bearish report events, Live Cattle 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, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% over 20.
After 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.
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.
