USDA Expects Beef Production, Prices To Remain Elevated

Beef production expected up for both this year and next.

"Beef production was raised 210 million pounds for 2024," said USDA World Agricultural Outlook Board Chair Mark Jekanowski. "We've been seeing some increases here in heifer slaughter and also higher weights. So, that's supporting the production outlook.  We expect that to carry through into 2025 as well. We raised the production forecast by 300 million pounds.” 

Year over year beef supplies continue to tighten however.  The forecast down over one billion pounds for  2025, Jekanowski says that supports projected steer prices.

“We raised our steer price forecast for 2024 by $1.07 cwt to $186.18 cwt.  Our 2025 steer price forecast is at $186.50 cwt, up 32 cents year-over-year, and we made a $0.25 cwt increase this month.”

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