Loading…
USDA's Economic Research Service reports that steer prices at the five-area marketing region set a record of $180.44 per cwt for the week ending April 16, 2023, surpassing the November 2014 high. April averages exceeded $177 per cwt, more than $35 above April 2022.
Tight cattle inventories and record wholesale beef prices drove the seasonal climb.
A shrinking national herd and record beef prices keep fed cattle values elevated, which supports feeder cattle and live cattle prices and raises feed demand for finishing rations.
ers.usda.govMay 31, 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.
