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USDA's Livestock and Poultry Outlook, released February 15 at the Outlook Forum, forecasts 2024 commercial beef production down about 3% to 26.19 billion pounds. Cattle and hog prices are expected to rise on tighter supplies and strong demand, with feed costs seen cheaper.
A smaller beef supply and firmer hog demand support higher cattle and hog prices in 2024, while cheaper feed lowers producer costs. Buyers should expect firm livestock prices and somewhat easier feed input costs.
dtnpf.comChris ClaytonFeb 16, 2024After 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.
After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
