John T. Barone, president and commodities analyst for Market Vision Inc.
The USDA recently forecast U.S. beef production to fall 5.4 percent in 2014 compared to 2013 and to be as much as 6 percent lower in the second half of the year. Friday’s USDA cattle report showed new placements onto feedlots in December rose 1.0 percent year-over-year, as sky-high prices for finished cattle and cheaper feed prices improved margins for feedlot operators and attracted the uptick in placements. However, total feedlot inventories still remain ...
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