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US beef exports fell 9.0% year over year in January to April 2023 after record 2022 levels, with April down 12.0%. South Korea is now the largest destination, while exports to Japan and China/Hong Kong declined and exports to Mexico rose.
Lower export demand with falling beef production weakens packer demand for cattle, which is mildly bearish for live cattle prices.
extension.okstate.eduJun 20, 2023After 121 past bearish trade events, Live Cattle moved a median -0.6% over 5 sessions (40% higher; middle half -1.6% to +0.8%), and -0.3% 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.
