USDA raises cattle price projections

Feedlot placements, as well as feeder and stocker sales receipt data, during the first half of 2023 point to a faster pace than what was expected at the beginning of this year, USDA economists Russel Knight and Hannah Taylor noted in the latest USDA “Livestock, Dairy, and Poultry Outlook.” Further, improving pasture conditions, relatively cheaper corn prices, and the prospect for higher fed cattle prices have fueled feeder cattle sales. Knight and Taylor said this likely lowers the expected supply for feeder cattle available in the second half of 2023, which will further elevate…