USDA raises its beef production forecast
USDA raised its beef production forecast for the second half of 2022 and 2023, and it comes after more aggressive beef cattle culling brought on by extreme drought conditions out West.
World Ag Outlook Board Chair, Mark Jekanowski tells us what to expect.
“We raised our production forecast this month by about 68 million pounds, so that’s for 2022 and that mainly reflects observed slaughter pace and pretty large marketings recently, which we expect placements to continue at a high rate into the second half of the year. And with that higher placements of cattle into feedlots and second after this year, that should translate into higher beef production into 2023. So we also raised our beef production forecast for next year by about 320 million pounds,” said Jekanowski.
He says steer prices rose $0.75 for this year and will rise another quarter next year from the previous forecast.