Last week we noted the impact of Omicron on slaughter rates; as of today, cattle slaughter is up about 1 percent, hog slaughter is down about 3.5 percent, both compared to the same period last week. Both are down considerably from last year, however. Cattle slaughter is running 3.7 percent below and hog slaughter is 10.4 percent below last year for the same week  In the near term, it is unclear how long the lower slaughter will last, but once it does clear, cattle and hog prices should see a rally. In the longer run, yesterday’s WASDE increased the forecast for beef production from the December forecast, based on cattle placements in late 2021 and the first half of 2022, heavier slaughter weights, and higher cow culling. The yea...

TAGS – Livestock, China, North America