There are important anomalies in the cattle and beef markets this year. Futures have shown amazing strength, buoyed largely by export demand. Now as fed cattle prices enter a period of seasonal decline, there are factors that suggest 2019 and 2020 may continue to differ from recent years. Heifer Slaughter As a share of steer slaughter (federally inspected or FI), heifer slaughter is running well above the five-year average and 2018 values. At the feedlot level, the share of heifers in feeder cattle receipts has also been consistently running above year-ago levels. Should these trends continue, it could signal lower beef heifer retention rates for 2019 and 2020 that would ultimately tighten cattle supplies in 2020 and 2021.
Fed Cattle W...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
