United States with bullish outlook for cattle prices in 2023

Faxmeat | Cattle prices will be higher in the United States during 2023. That's the consensus of market analysts, although how those higher prices translate into profitability for ranchers has yet to be determined. That's because the current "once in a century" drought is worse than the last, Drovers reported. “Cattle prices are higher and will continue to trend higher into 2023,” says Derrell Peel, a livestock economist at Oklahoma State University. “At some point, when drought conditions subside, heifer retention and reduced cow slaughter can cause cattle prices to rise considerably. The timing is uncertain with the ongoing drought and could be more likely in 2024," he said. While drought-induced stock reduction will support prices going forward, consumer demand for beef remains stable at a high level. “Demand for beef, ...