Lower Production & Higher Prices: What the USDA sees for the cattle industry
Lower production and higher prices, that’s what the USDA Outlook Board sees for the cattle industry next year.
The United States produced more than 28 billion pounds of beef last year. This year 27 billion pounds is in the forecast. Next year, the USDA is predicting production to take a deeper dive at only 25 billion pounds, which is a 6.5 percent drop from this year. The USDA says the drop in supplies is leading to higher prices.
“And for 2024, that’s expected to increase by about $7.00 per hundredweight to $185.50,” said USDA World Outlook Board Chairman Mark Jekanowski.
This year the USDA is forecasting an average of $178.5 per hundredweight.