What are beef and pork production’s outlook for next year?
Taking a look now at the prediction for beef production next year, it is estimated to drop by 2 billion pounds.
Drought-reduced supplies and high livestock feed prices are pushing producers to take cattle off pastures and send them to slaughter earlier than normal. Lower production numbers mean higher prices. USDA Outlook Board Chairman Mark Jekanowski tells us more.
“Pretty strong steer price growth - raised it by $13.19 per hundred-weight for 2023.”
That makes next year’s expected average for steers 153 and a quarter a hundred-weight, which is nearly 10 percent higher than this year.
Now when it comes to pork, production is expected to go up.
“We expect some expansion in the hog inventory. Pork production is expected to be up by about 330 million pounds from current year.”
With higher production numbers, hog prices will go down.