Will Montana cattle inventory rise YoY?

January 1, 2027 If USDA NASS reports that Montana’s inventory of all cattle and calves for January 1, 2027 is above 2,140,000 head, then the market resolves to Yes. The Underlying is USDA NASS’s Cattle, Including Calves — Inventory estimate for Montana as of January 1, 2027. This includes all cattle and calves and is not limited to beef cows, dairy cows, or cattle on feed. The 2,140,000-head threshold is fixed and will not change if NASS later revises its January 1, 2026 estimate. This market w