U.S. beef production is projected to be lower than originally expected for 2014. The December World Agricultural Supply and Demand Estimates saw the production 2014 projection drop 205 million pounds. Next year’s outlook is slightly more hopeful when beef production is predicted to see a marginal uptick at 5 million additional pounds of beef.
For the fourth quarter of 2014 beef production projection is also down compared to last year’s mark. The 2013 fourth quarter saw 6.423 billion lbs. of beef produced while 2014 looks to drop off to 6.025 billion lbs.
Carcass weights have increased over the past year to help make up for decline in the beef herd.
Beef prices have been at all-time records this past year. The first quarter of 2015 is projected to drop off to $162.17/cwt. compared with $167.10/cwt. in the final quarter of 2014.
Imports have been slated to pick up since last month’s projection to help make up for the beef production deficient. The report indicates an additional 25 million lbs. will be brought into the U.S. Next year there is a drop off in imports expected of 148 million lbs.
Beef export projections remained unchanged for 2014 with just under 2.6 billion lbs. predicted to leave the country. The same held true for 2015 when 2.525 billion lbs. of beef is forecast to depart for foreign destinations.