Steer Prices Expected To Slide Up As Beef Production Remains Tight

When looking at the USDA's July Meat Outlook, the Department once again tightened their beef production forecast, leading to a rise in projected steer prices.

“We raised our steer price forecast for 2026 by 94 cents cwt," said World Agricultural Outlook Board Chair Mark Jekanowski.  "Now it is at $251.10 cwt, and we expect that strength to continue into 2027, given the tight supplies. That price forecast was raised by 50 cents cwt to $254.25.”

And Jekanowski noted when it comes to this month's beef production forecast.

“[We] lowered this month for this calendar year, what we're observing is lower steer and heifer slaughter," he said.  "The 2027 reduction mainly reflects lower placements in the second-half of 2026, which will result in fewer available steers and heifer for slaughter in 2027.”

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