The bi-annual Cattle report would "suggest" neutral/bearish. All Cattle and Calves-0.2% year/year, trade expected -0.4%. Beef cow herd -0.6%, -0.8% was expected. Heifers retained for the cow herd +0.2%, expectation was -1.5%. Note, the 2020 numbers were revised lower which removes some of the bullish disappointment.
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