USDA’s October beef production outlook was noticeably higher compared to the prior month’s forecast. Rusty Halvorson has more details.
USDA outlook board chairman Mark Jakenowski says beef production is expected to grow both this year – and next year.
“Beef production was raised 210 million pounds for 2024. We’ve been seeing some increased steer and heifer slaughter and also higher weights, so that’s supporting the production outlook. We expect that to carry through into 2025, as well. We raised the production forecast by 300 million pounds.”
USDA has raised its average steer price expectations, too.
“We raised our steer price forecast for 2024 by $1.07 per hundredweight, to $186.18 per hundredweight. Our 2025 steer price forecast is at $186.50 per hundredweight, up $0.32 year over year, and we made a $0.25 per hundredweight increase this month.”
Third- and fourth-quarter 2024 beef production is forecast to be higher than last month’s outlook, raising the annual forecast to 27 billion pounds, just above 2023 production.
Meanwhile, U.S. dairy milk production is expected to decline in 2024 due to lower yields from aging cows, adverse weather, and limited replacements. Imports are expected to increase while exports remain mostly stable.