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Feeder steers at Oklahoma City averaged $226.83/cwt in November, down $16.67 from October. USDA lowered its fourth-quarter feeder steer forecast by $10 to $230/cwt and its 2024 annual forecast to $242/cwt, citing softer wholesale beef and feedlot margin squeeze.
Softer wholesale beef prompts packers to limit fed cattle purchases, pressuring feedlot returns and feeder demand. USDA's lower forecast signals weaker feeder cattle prices into early 2024.
beefmagazine.comKrissa WelshansDec 25, 2023Not enough comparable past events yet for a historical read.
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.
