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CattleFax projects 2018 steer calf prices averaging $158 per cwt and fed steer prices averaging $115, both lower than last year. It expects beef production to rise 3 percent to 27.5 billion pounds, with record total red meat and poultry output for several years.
Record red meat and poultry supplies point to softer cattle prices, though CattleFax expects profitability to hold as the price break is largely done.
beefmagazine.comWes IshmaelFeb 2, 2018After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% 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.
