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USDA's Livestock and Poultry Outlook forecasts 2022 US red meat and poultry production to fall to 106.6 billion lbs, the first total decline since 2014. Commercial beef output is expected to drop 2% to 27.38 billion lbs, and the 5-Area steer price is forecast at $137.5/cwt, the highest since 2015.
Lower beef supply and higher cattle prices point to firm cattle markets and tighter beef availability, which supports demand for feed in cattle feeding. Poultry output rising partly offsets the decline.
meatpoultry.comErica ShafferFeb 28, 2022After 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.
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.
