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Packers are making about $40 per head and are expected to slow slaughter through September, while the beef cutout is seen reaching a seasonal low. The latest Cattle on Feed report was deemed bearish, with placements at 105.8% of last year.
USDA pegged 2024 beef production at 26.803 billion pounds.
Seasonal slowing in packer activity and a likely cutout low limit near-term demand for fed cattle, although tighter supplies by November support later prices. The outlook is mixed for feed-animal buyers.
wlj.netPete Crow, WLJ publisher emeritusAug 30, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
