US meat production, exports forecast to fall - USDA

Production, exports down 5% and 11%, respectively
calendar icon 24 April 2023
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US beef and veal production and exports are forecast at 12.2 million tons and 1.4 million tons – down 5% and 11%, respectively, according to a recent US Department of Agriculture global forecast report

Entering 2023, the US cattle herd contracted by roughly 3% compared to 2022. As 2023 progresses, smaller feeder cattle supplies relative to last year will reduce feedlot placements and, assuming favorable forage conditions, producers are expected to retain more heifers for breeding given strengthening calf prices. Thus, cattle slaughter and beef production are expected to be lower in 2023. Lower production is expected to result in tight exportable supplies.

Concurrently, increased Australia production further dampens the outlook for US exports as lower Australia prices reduce demand for US beef, particularly in East Asia.

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