USDA’s Outlook Board has taken another look at its forecasts.
They are adding 140 million pounds to beef output, but production is still expected down around 2 percent last year. Steer prices remain strong.
“Very strong. We raised our steer price forecast by $2.50 per hundredweight. [We’re] currently at $182.50 per hundredweight, that’s up almost $7.00 per hundredweight year-over-year,” said Mark Jekanowski.
Jekanowski says those numbers prove demand for beef is still strong despite higher prices.
