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USDA Livestock analyst Shayle Shagam presented the 2024 Livestock and Poultry Outlook at the 100th Outlook Forum on February 16. Red meat and poultry output is forecast to rise fractionally to 107 billion pounds, after 2023's first decline since 2014 driven by beef.
The beef cow herd is at its lowest since 1961.
Fractional growth in total meat output with beef still shrinking keeps cattle supplies tight, supporting beef prices. Gains in pork and poultry add supply competition for other meats.
wylr.netFeb 23, 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 61 past neutral report events, Lean Hogs moved a median -0.4% over 5 sessions (48% higher; middle half -1.3% to +1.8%), and +2.1% over 20.
Not 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.
