USDA's Economic Research Service (ERS) narrowly lowered its forecast for U.S. beef production as the agency expects reduced production in the second half of the year. U.S. beef production in 2023 is forecast at 26.941 billion pounds, about 40 million pounds below the August forecast, the Ag Department said in a report. “This is based on an expected slower pace of commercialization of fed cattle in September, which is partially offset by higher cow slaughter expected for the rest of the year,” ERS said. The projection for 2024 production remained unchanged month over month at 25.2 billion pounds. Cattle prices for 2023 and 2024 are mixed. Fed-steer prices are expected to remain stable until the end of the year, while feeder-steer prices are expected to rise in the fourth quarter of this year and the first quarter of 2024, the agency said. Pork production, meanwhile, is now estimated by the government to be around 6.4 billion pounds in the third quarter of the year. If realized, ...
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