Retail and farmgate beef prices reached record highs in many regions in 2022 due to increased consumer demand and limited beef supplies, with Brazil achieving record export volumes and returns fueled by growing Chinese demand. However, a decrease in consumer sentiment and beef pricing in late 2022 and early 2023 is expected to impact returns. China's beef demand is anticipated to rise in the latter half of 2023, potentially boosting global beef prices. The US, Europe, Mexico, and New Zealand are also experiencing changes in the beef market, with the US expected to see a decrease in beef production, Europe's beef exports predicted to remain sluggish, Mexico's beef volumes expected to increase despite falling prices, and New Zealand's beef production affected by tropical Cyclone Gabrielle. Cattle prices generally trended downward, with the US seeing less limited supplies supporting higher prices.