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Feeder cattle futures spreads across all months have recovered to near pre-COVID levels as quarantine restrictions and packing plant capacity issues have largely been resolved. Pasture conditions have deteriorated, with the share rated poor or very poor rising since late May and running well worse than the five-year average, driven by drought spreading from the Southwest into the Great Plains.
The author notes producers may need to market weaned calves earlier or winter them.
Deteriorating pasture forces earlier calf sales and adds supply to feeder markets, which could pressure prices, while cheaper corn would support feedlot margins. Producers can use futures spreads to lock in margins.
u.osu.eduSmith at29 de jul. de 2020Após 21 eventos neutro de clima passados, Bezerro de reposição subiu em mediana +1,7% em 5 sessões (67% de alta; metade central de -0,1% a +2,3%), e -0,2% em 20.
Após 20 eventos neutro de clima passados, Boi gordo subiu em mediana +0,4% em 5 sessões (60% de alta; metade central de -0,3% a +1,2%), e +3,0% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
