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The USDA Economic Research Service released its June 2024 Livestock, Dairy, and Poultry Outlook. Retail egg prices fell 23.6% year over year in the first five months of 2024 after avian influenza outbreaks, while chicken and some other proteins also became cheaper.
Beef production forecasts were held steady and dairy product price forecasts were raised.
Lower retail egg prices reflect recovering supply after HPAI losses, while steady beef output and higher dairy price forecasts point to firm prices for competing proteins and dairy feed demand.
feedandgrain.comFeed, Grain StaffJun 18, 2024After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.
After 78 past neutral report events, Live Cattle moved a median +0.2% over 5 sessions (54% higher; middle half -1.0% to +1.0%), and +0.7% 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.
