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Feeder steers at Oklahoma City averaged $215.79/cwt in the first sale of 2024, down nearly $8 from December 18 but more than $37 above a year earlier. USDA's 2024 feeder steer price forecast is unchanged at $242/cwt, 11% above 2023, citing tightening feeder supplies.
Tightening feeder cattle supplies and a steady forecast support higher feeder cattle prices through 2024, which raises feed cost exposure for feedlot buyers.
feedlotmagazine.comSources Russell Knight, Hannah Taylor, USDA, ERS, Blanca WiedelJan 24, 2024After 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 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.
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.
