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USDA data show US beef exports fell 2.9% year over year in May 2024 and January-May exports are 4.9% below 2023, while beef imports rose 10.4% in May. USDA's June WASDE forecasts 2024 beef exports 7.2% lower than 2023 and a further 11.3% decline in 2025.
Lower export demand and higher imports add supply to the US market, which is bearish for domestic cattle prices.
u.osu.eduSmith atJul 17, 2024After 121 past bearish trade events, LCATTLE moved a median -0.6% over 5 sessions (40% higher; middle half -1.6% to +0.8%), and -0.3% 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.
