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The USDA cut its 2027 U.S. beef production forecast to 24.7 billion pounds from 24.8 billion pounds and lowered pork output to 27.8 billion pounds from 28.1 billion pounds in the October WASDE report. Steer prices were unchanged at $2.38 a pound, while the barrows and gilts price estimate slipped to 63 cents from 64 ce
Gold futures advanced more than 1% in early European trading as the dollar weakened and oil prices slipped. Market participants also were reassessing the inflation and interest-rate outlook.
Most-active live cattle futures on the CME rose 1.9% to $2.2405 a pound, reaching their highest level since August 12. This rebound follows a recent increase in boxed beef prices and snaps a two-day losing streak for cattle futures.