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US beef futures recently hit a record high, and the US cattle herd is at its smallest in eight years after drought-driven culling. Beef production is expected to fall by more than 2 billion pounds from 2023 to 2024.
Demand has held up despite high prices.
A shrinking herd and falling beef output support cattle prices and reduce demand for byproduct feeds tied to cattle slaughter. Tight supply keeps feeder and fed cattle prices firm through the next year.
irei.comMcAlinden Research PartnersAug 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.
