CoBank expects U.S. meat and poultry consumption to be flat at best in 2023. That is after setting highs in 2022.
Production is expected to drop 2 billion pounds as a result of shrinking cattle supplies, but marginal gains in chicken and pork will offset the decline in beef.
USDA Chief Economist Seth Meyer says that this year producers will be looking for things that might prompt a build-up of their cattle herd. Hopefully through easing drought conditions and forage availability.
“That will be one of the deciding factors, right? Do you have forage conditions necessary to support a herd rebuild,” he explains.
USDA reports that the rebuilding process could still take almost two years.
