
Rabobank reports that US beef and cattle demand started 2024 at historically strong levels, with the March boxed beef cutout averaging $309/cwt and fed steer prices near $187/cwt. Beef imports rose 32% year to date while exports fell, and feedyards are adding weight and days on feed as cost of gain declines.
Strong beef demand and a widening trade deficit point to tight US cattle supplies and firm cattle prices. Heavier cattle and more days on feed could ease near-term tightness later.
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.