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USDA's October Livestock, Dairy, and Poultry Outlook projects U.S. beef demand to fall in 2023 as the cattle herd shrinks. High grocery beef prices are expected to shift consumers toward chicken and pork.
Drought is pulling cattle forward into feedlots, and heifers now make up nearly 40% of feedlot inventories.
Shrinking herd supply supports cattle prices, while weaker beef demand and substitution toward chicken and pork pressure them. Both forces point in different directions for livestock markets.
vantrumpreport.comOct 26, 2022After 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.
Not enough comparable past events yet for a historical read.
After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% 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.
