USDA live Cattle Price Forecast vs August live Cattle – 12/16/2023

Published by David Tedrow on

Earlier this monthUSDA forecast  live finished cattle would average $178/hundredweight in 2024 compared to $176 in 2023. USDA dropped the 2024 price forecast by $7/Cwt. between the November and December forecast based on an increase in the 2024 US  beef production forecast and the break in cattle futures prices over the last two months. 

We have scattered the high and low for August live cattle as a function of USDA’s annual average live cattle forecast published in the preceding December WASDE report. A regression model based on  August live cattle vs USDA’s forecast projects a January-August 2024 price range of $173 to $188. Live August 2024 futures closed at $171/Cwt. on 12/15/2023. 

Live August 2024 cattle appear to have significant upside potential based on USDA’s  December 2024 annual cash cattle price forecast.

Categories: Livestock

Related Posts

Livestock

US Hog Inventory Increases Modestly

The USDA’s December US hog census found the herd had grown just 1% over the last year. Hog producers plan to expand the number of sows & gilts farrowed 1% over the next six months. Read more…

Livestock

USDA Reports Cattle in Feedlots Down Fractionally

US Cattle on feed December 1, 2024.was down slightly on a year over year basis. Feedlot managers have been able keep their feedlot numbers reasonably close to optimal numbers despite a tight feeder cattle supply. Read more…

Livestock

US December 1, 2024 Hog Inventory Estimate

The December 1 , 2024 US hog herd Inventory likely increased compared to a year earlier.The accompanying balance table displays estimates for the fall pig crop compared to slaughter which is by now known from Read more…