Livestock markets end the year with solid gains

Live cattle futures ended 2020 at prices 21% over the end of 2021. This metric uses the February LC '22 close of today vs. the February LC '21 close at the end of 2020. US beef production rose 3% this year. With good export interest the US consumer only saw a 1% increase in offered beef supply. We expect further gains for 2022 as cow/calf sector wraps up 2021 with a third year of liquidation. Increases in packer capacity in the three years ahead is a secondary positive factor.

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