Written Commentary
MORNING LIVESTOCK OUTLOOK
The Cattle Inventory report is friendly. The cow herd is the smallest number since 1962. There are going to be fewer cattle in 2023 and 2024 cattle numbers will be down. Beef replacement heifers down 6% is significant. Now and going forward the cattle market will be affected by what happens to beef prices.
Feeder Cattle will benefit from the Cattle Inventory report. Feeder Cattle traders were bull spreading Tuesday and for producers that sell feeders, it is what they want to see happen.
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