USDA Reports Changes To Beef Outlook

The USDA reported a few minor changes in their most recent beef numbers. First when it comes to beef production, according to World Agricultural Outlook Board Chair, Mark Jekanowski:

“A load which higher cow slaughter which would contribute to more production but that’s offset by lighter carcass weights, so that net production is virtually unchanged.”

Jekanowski, says USDA raised its price forecast for steers, “by $2.19 cwt to that’s a pretty healthy gain there reflects continued strong parker demand and just again reflecting prices that we’re currently seeing in the cash markets.”

The expected steer price for 2021 is $119.18 cwt, and $122.25 cwt in 2022.

“We’re seeing some pretty good demand from Asia for US beef and that contributed to a little bit of bump up in our beef exports forecasts for both this year and next year.”

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