2023 will be a better year for U.S. ranchers, but filled with many variables
Drought and feed costs are shaping up to be wildcards for cattle producers next year.
Leaders at Cattle Fax say U.S. ranchers will need to raise about 15 million bushels of corn just to cover input costs. Basis levels also need to soften after hitting record highs over the last few months. They add the demand for U.S. beef will need to remain strong in order to support prices.
Cattle Fax expects drought conditions and heat intensity to improve with conditions turning more favorable later in the year.