Fed steer price projections are unchanged from last month while prices for feeder steers are projected higher in fourth-quarter 2023 and first-half 2024.
Beef/Cattle: Production and price forecasts are little changed from last month. The forecast for 2023 commercial beef production is 26.941 billion pounds, 40 million lower than last month’s projection, based on a lower production outlook for the second-half of the year. This is based on a slower expected pace of fed cattle marketing in September that is partially offset by higher expected cow slaughter for the rest of the year. As a result, the outlook for 2024 production remains unchanged from last month at 25.2 billion pounds. The cattle price forecasts for 2023 and 2024 are mixed. Fed steer prices are unchanged from last month. Prices for feeder steers are projected higher in fourth-quarter 2023 and first-half 2024. Based on July trade data, beef imports are raised in second-half 2023 and in 2024. However, U.S. beef exports are projected to decline further in 2023 and 2024 than forecast last month as the demand outlook from Asia is revised lower.