Most eyes on today’s WASDE were looking at the crop side since this is the first look at the 2023-24 supply and demand numbers. The livestock projections for 2023, however, saw some impactful projections. This is the fifth WASDE report of the year, and it is the fifth time the fed cattle price has been raised and the fourth time the market hog price has been reduced. Since December 2022, hog prices are down $10.50/cwt, and fed cattle prices up $10.50/cwt. 

The big drop for hogs came in this month’s report, with a projected annual average price for 2023 of $56.50/cwt, about half of the total drop for the year. This is the first look at 2024 on the livestock/protein side, and the 2024 annual average price projection is $6...