Demand Concerns Pressure Cattle July 28, 2022
The Bureau of Economic Analysis released its first estimate of Q2 Gross Domestic Product this morning. They found it ran -0.9% from one year ago in the same quarter. That was a bit under the trade expectation of +0.5%. This now marks two quarters in a row of year over year GDP declines. Q1 was left unchanged on this report at -1.6%. Officially we have yet to see any major problems with end user procurement on beef. This GDP number will be revised again on August 25 then again September 29.
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