Animal protein markets faced extreme volatility in 2023 and that is ranked as RRFN’s #9 story. The continuation of the drought limited the expansion of the cowherd and cattle prices were on an upward trajectory. Fed cattle and boxed beef reached all-time high prices before a bearish USDA report in October sent prices downward. The U.S. swine and dairy industries were hemorrhaging at the end of the year with producer prices well below the cost of production.
