Speaking of weakness, there are some concerning signals with the consumer. Note the next chart...
The USDA did update their 2023 and 2024 beef supply forecasts last week but generally the news is not encouraging. Beef output next year is projected to decline to its lowest level since 2015 and to its third lowest level in nearly two decades. And, oh by the way, 2024 per capita beef production in the U.S. could fall to its lowest level since the New York Yankees won their fourth straight World Series in 1952.
Datum FS has forecasts for over 50 commodities comprising various beef, dairy, grains, pork and chicken markets. If you would like to learn more about a complimentary trial to the forecasts and commentary or about Datum FS services hit the home button above. Thanks for reading.
