Industry outlook to 2024: Beef faces two-year decline in the US

The U.S. beef industry is in the midst of one of its biggest declines in beef production in two years. This will have major ramifications for everyone, from consumers to livestock producers. Consumers will face higher retail prices than in 2023. Meat processors will struggle to make money unless they get much more for their meat than they did at the end of last year. Cattle feedlots will see markedly higher live cattle prices due to reduced cattle supply due to the current sell-off of the beef cow herd. This will make it even harder for packers to make money this year. This year could be even more challenging for packers than 2023 because U.S. veal producers continue to reduce their herds. Packers and analysts expected to see signs of a beef cow herd rebuild early last year as prices for all classes of cattle began to rise. But those signs didn't materialize, as Donnie King, president and CEO of Tyson Foods, told analysts last November. His comments came after Tyson reported that ...