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USDA ERS lowered first-quarter 2023 beef production by 25 million pounds on slower fed cattle slaughter. Third-quarter production was raised 150 million pounds on higher expected fed cattle marketings, and 2023 beef production was raised 110 million pounds to 26.8 billion pounds.
The March 1 feedlot inventory was 11.64 million head, over 4% below a year earlier.
Lower feedlot inventories and revised slaughter timing point to tighter fed cattle supplies later in the year, supporting cattle prices and reducing demand for cattle-linked feed inputs.
agproud.comHannah Brooks, Russell KnightApr 25, 2023agproud.comRussell Knight, Hannah BrooksApr 25, 2023After 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.
After 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.
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.
