Beef on the Rise: Production to be up this year and into 2023

The latest USDA outlook shows U.S. beef production is expected to rise this year and next.

Outlook Board Chair, Mark Jekanowski says the Agency raised its 2022 forecast by 130 million pounds, which has it sitting around 28 billion for this year.

Next year’s forecast is up about 30 million pounds. Despite the increase in production, prices are up $0.36 this year with a steady price forecast for next year, and beef exports are on the rise.

“Our beef export forecast, we raised by 10 million pounds for 2022. All of our 2022 data for both production and trade is really just incorporating the most recent official data, in this case, trade data, and census data, that we have access to. So, a modest increase in our beef export forecast for 2022, also. Off this month for 2023, by 50 million pounds in both cases, both years, are reflecting strong beef demand from several Asian markets.”