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The November WASDE lowered the 2023 forecasts for beef, pork, broiler and turkey production. It raised the 2024 beef production forecast on higher expected cattle placements and cow slaughter, and it lowered 2023 corn prices.
Higher 2024 beef output points to softer cattle prices in the coming year, while the lower corn price forecast reflects a larger crop and cheaper feed grain for feeders.
cattlerange.comNov 9, 2023After 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 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.
