Steer Prices Look To Set New Records In 2025, 2026

The June USDA Beef Production and Steer Price forecast had a familiar ring to it; extremely tight beef supplies, and prices that continue to set new records.  World Agricultural Outlook Board chair Mark Jekanowski said production changes are expected.

“For 2025, we adjusted our beef production forecast down by 70 million pounds, reflecting lower cow slaughter, primarily offsetting continued higher weights," he said.  "2026, we raised our production forecast a bit about 140 million pounds, reflecting higher placements in the second-half of this year, but still year-over-year, we're looking at about a little over a billion pound reduction in beef production.” 

How Will This Forecast Impact Prices? 

“Our steer price forecast we raised by $7.00 cwt," Jekanowski  noted.  "So, we're now at, again, another record high $221.51 cwt for steers for 2025.  We expect that to increase further into 2026.  Our 2026 forecast we raised by $5.75 cwt to $228.50 cwt.”

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