# Futures File: Cattle bolt on low supplies - CNHI

> Live cattle futures posted a record run, rising about eight cents per pound in under eight days, as second-quarter beef output was expected to fall more than 6%. USDA's prospective plantings report showed US farmers intend to plant 87.5 million acres of soybeans, below expectations, and soy complex prices rallied. Crude oil also rose after OPEC cut output by 70,000 barrels per day.

- Date: 2023-04-02 · published 2023-04-02T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/8668-futures-file-cattle-bolt-on-low-supplies-cnhi
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower soybean acreage tightens the outlook for soymeal and oil supplies, supporting feed costs. The OPEC cut lifts energy costs that feed into fuel and fertilizer.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- WTI: bullish ▲
- LCATTLE: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| LCATTLE | 2023-04-10 | 5 | +3.5% | 3.8 | Record futures run on expected 6%+ drop in second-quarter beef output reflects tight supply and momentum that carried into the window. |
| LCATTLE | 2023-04-03 | 1 | +1.2% | 3.4 | Published April 2 just before the move, it describes a record futures run driven by an expected drop of more than 6% in Q2 beef output, a supply-driven bullish impulse that fits the April 3 jump. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2018-03-30 | [Futures File: Grain acres slashed](https://feedsoft.ai/events/66032-futures-file-grain-acres-slashed.md) | -1.1% | +0.0% |
| SOY | 2018-10-12 | [U.S. livestock: Cattle futures rise on cut in beef production estimate - AgCanada](https://feedsoft.ai/events/62669-u-s-livestock-cattle-futures-rise-on-cut-in-beef-production-estimate-agcanada.md) | +0.6% | +1.1% |
| SOY | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -4.7% | -10.6% |
| SOY | 2020-11-11 | [CME update: feed cattle futures dip as corn prices rise
						 \| The Cattle Site](https://feedsoft.ai/events/7939-cme-update-feed-cattle-futures-dip-as-corn-prices-rise-the-cattle-site.md) | +2.8% | +1.8% |
| SOY | 2023-08-16 | [Soybean supplies look tight, but more could be on the way \| Feed Strategy](https://feedsoft.ai/events/34514-soybean-supplies-look-tight-but-more-could-be-on-the-way-feed-strategy.md) | +2.1% | +1.0% |
| SBM | 2020-11-11 | [CME update: feed cattle futures dip as corn prices rise
						 \| The Cattle Site](https://feedsoft.ai/events/7939-cme-update-feed-cattle-futures-dip-as-corn-prices-rise-the-cattle-site.md) | +0.3% | -2.6% |
| SBM | 2023-06-30 | [Soybean Futures Soar on Sharp Drop in Planted Acres, Lower Stocks](https://feedsoft.ai/events/35542-soybean-futures-soar-on-sharp-drop-in-planted-acres-lower-stocks.md) | +1.6% | +11.9% |
| SBM | 2018-06-20 | [Stretching out supplies of fish food to aquaculture species](https://feedsoft.ai/events/64610-stretching-out-supplies-of-fish-food-to-aquaculture-species.md) | -0.2% | -1.9% |

## Sources

- cnhi.com: https://www.cnhi.com/rss_feed/futures-file-cattle-bolt-on-low-supplies/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.