The beef cow herd and beef production continues to increase. Ag Web Dot Com said with three-quarters of 2016 done, beef production is up five percent over last year, and will continue to post monthly gains for the rest of this year and into 2017.
Not only are the numbers of cattle growing, but they’re getting bigger as well. Weight data is showing steers are four pounds heavier than last year and heifers are eight pounds larger than a year ago. There’s no question an increase in beef production will weigh on market prices.
The good news is beef exports continue to improve, with July exports up eight percent, and Sterling Marketing is forecasting an eight percent gain on the year. Another six percent gain in exports is in the forecast for 2017. This goes hand in hand with lower beef imports into the U.S. Imports should drop 13 percent this year and another 11 percent in 2017.
(From the National Association of Farm Broadcasters News Service)