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Last week’s early winter storm exposed cattle to cold, wet conditions, but also brought much-needed moisture to the nation’s wheat belt reviving prospects for winter grazing.

A large winter storm is advancing across the central U.S. bringing cold temperatures and some much-needed moisture. Feedlots continued to build inventory during September leading to a record inventory for Oct. 1.

The past 30 days have been the driest on record in parts of Oklahoma, adding to the seasonal price pressure on feeder cattle and cull cows.

There are many dynamics in cattle slaughter markets in the fourth quarter that will determine total slaughter for the year, but an early analysis suggests a 2.5% decline.

Wheat pasture development and growth is likely to slow or even reverse if forecast weather conditions are realized.  This, in turn, may reduce stocker cattle demand in the coming weeks.

The September Cattle on Feed report was largely a replay of the August report with larger than expected placements pushing feedlot inventories higher.

Weaned and preconditioned calves bring significant premiums over calves that were weaned on the truck on their way to the sale yard.

Continuing COVID-19 impacts, global recession, political tensions and exchange rates will all be important in determining global beef trade in the coming weeks and months.