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Commentary on US beef demand notes that cattle producers begin 2024 in a strong position because the January 1 herd was the smallest since 1951. Beef slaughter and production were down year over year, but cutout values reached $300/cwt only in late February.
Beef exports have been erratic, and inflation could weigh on demand.
Demand strength determines packer margins and cattle price levels, and the small herd supports prices. Persistent inflation and volatile exports are the key risks to the outlook.
wlj.netSteve Kay, WLJ columnistMar 1, 2024Not 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.
