USA: Beef production continues to be down in 2022

The article reports on the increased forecast for commercial beef production in the U.S. for March 2022, driven by expectations of higher slaughter numbers for both non-fed and fed cattle. Despite a rise in cow federally inspected slaughter in February, compared to the previous year, the annual cow slaughter figures are down from 2020 and 2019. Feeder cattle placements are expected to be lower in the first quarter of 2022, but potentially faster than assumed due to worsening pasture conditions and wheat prices. The average price for live steers sold in February 2022 was significantly higher than the previous year, and the forecast for fed steer prices has been increased for the rest of 2022, driven by packer demand and tightening feedlot inventories. U.S. beef exports in January 2022 reached a record high, with South Korea, China, and Taiwan being the top buyers, and imports were also high, primarily from Brazil. The article also discusses the tariff-rate quota for imports of fresh beef from Brazil and other countries, and the potential impact on imports once the quota is filled.