USDA’s Outlook for cattle in 2021 – 11/17/2020

Published by David Tedrow on

In the November WAOB report USDA forecast finished Midwest steers would average $114 in 2021 which is about the same as an average of cattle futures prices on 11/17/2020. The accompanying scatter study displays the annual average live steer price as a function of the USDA’s November (previous year) forecast. The model has an R2 of 84% and a standard error of $10/cwt. Surprisingly, USDA’s previous forecast was right on for 2020 despite all the distortion this year.

Categories: Livestock

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