USDA confirms the smallest beef cow herd since 1962.

Cattle traded mixed to slightly lower. Traders are still quite supportive given yesterday's push to new contract highs. We'll call the bi-annual Cattle report as neutral. The numbers were just under the trade expectation but after recent gains we're not sure if there is a need for more gains. Corn's lightly lower trade today helped feeders recover more of that lost ground from 1/4 - 1/19.

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