USDA raised its 2024 and 2025 beef production forecasts in last Friday’s Supply & Demand Report. Beef production is now forecast to increase marginally from year-ago and rise another 4.1% next year. USDA reduced beef exports for this year based on recent trade data. Beef exports are now expected to fall 2.7% from last year. The beef export forecast for next year was unchanged but is projected to fall another 12.0%. Despite these changes, USDA raised its cash steer prices for both this year and next to $186.18 and $187.00, respectively.
USDA lowered pork production for this year, with output now expected to fall 2.4%. The pork production projection for next year was raised and is expected to climb 2.0%. USDA lowered its pork export forecast for this year, though shipments are still expected to climb 4.8%. For next year, USDA raised the export outlook to reflect a 3.0% annual increase. USDA raised its average cash hog price to $59.80 for this year and kept it at $58.00 for next year.
