Economists say the beef market is experiencing an "inter-temporal shift."  But, what does that mean?

 

“Higher production in the first half of the year,” said USDA Acting Outlook Board Chairman, Mark Jekanowski.  “But we expect that to reverse in the second half of the year. Production will slow down but still on net; modest increase in beef production.”

 

He's anticipating that increase will be roughly 1% in output this year at almost 27.5 billion pounds.  Last month USDA was projecting steer prices this year to be above 2019 levels, but not anymore.   Analysts have chopped half a dollar off their previous projections, taking prices down to $116.75 a hundred weight.  That's 3 cents below last year's price.

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