USDA's quarterly outlook projects 2024 global beef output at 60.7 million tonnes, 1.3% above 2023. US production is falling, with imports forecast at a record high, up 11.2% year-on-year.
A shrinking US herd and record imports keep US beef and feeder cattle prices firm, with trade flows shifting globally.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.