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USDA-based outlook shows US beef production falling by over 600 thousand tons in 2023 on lower feedlot slaughter, with steer prices up 28% year on year. Beef imports rose 3%, while exports fell 93 thousand tons, and Mexico and Brazil trade has weakened.
Shrinking US beef output and strong steer prices support cattle values and keep demand for imported beef from Oceania high, shaping feeder and fed cattle pricing.
tridge.comXchel PerezOct 20, 2023After 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 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.
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.
