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The January WASDE raised the 2024 beef production forecast on expected first-half slaughter and higher dressed weights, and lowered 2023 beef exports on weaker Asian sales. Steer price projections were held at $175 per hundredweight, with upside to $183 in the fourth quarter.
Higher beef output forecasts add slaughter-driven supply pressure, but steer prices held steady signal firm cattle values; lower Asian export demand is a modest bearish factor for beef and cattle.
hpj.comDave BergmeierJan 19, 2024After 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.
After 44 past neutral report events, Feeder Cattle moved a median +0.3% over 5 sessions (59% higher; middle half -0.9% to +1.0%), and +0.5% 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.
