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The USDA's February 25, 2022 Cattle on Feed report showed the February 1 inventory about 1% above expectations, placements 1% lower and marketings 3% lower. The article also notes feedlots under 1,000 head now make up 92.2% of US feedlots, down from 98.1% in 1996.
A record-large on-feed inventory with weaker marketings means more cattle to be sold later, which pressures fed cattle prices while high corn costs shape placement weights.
beef.unl.eduApr 1, 2022After 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 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), 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.
