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February live cattle closed up $2.15 at $176.80 in the week ending November 17 after hitting six-month lows, with nervous support from short covering. USDA's Cattle On-Feed report showed 11.931 million head on feed on November 1, up 1.7% year over year, slightly below expectations, and October placements up 3.8%, lighter than the 6 to 7% expected.
Placements below expectations reduce near-term feedlot supply pressure and support live cattle prices, which is supportive for cattle-based feed demand. Lighter placements also suggest tighter fed cattle supplies later.
dtnpf.comTodd HultmanNov 20, 2023After 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.
