US beef production outlook mixed, says USDA

Beef exports unchanged from last month
calendar icon 20 November 2023
clock icon 1 minute read

The US production outlook for beef is mixed from last month, while the annual price forecasts are unchanged, according to the most recent USDA Livestock, Dairy, and Poultry Outlook report.

Fourth-quarter 2023 production is forecast lower than last month, dropping the annual forecast to 26.932 billion pounds. This is based on a slower expected pace of fed cattle marketings that is partially offset by higher expected cow slaughter for the rest of the year. 

The outlook for 2024 production is raised to 25.810 billion pounds on higher anticipated fed cattle marketings, as well as higher cow and bull slaughter from last month. 

Quarterly cattle price forecasts in 2024 are moderated but the annual averages are unchanged from last month.

Based on September trade data, US beef imports are raised in late 2023 and in second-half 2024. However, beef exports are unchanged from last month.

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