Beef production for 2022 was raised by 211 million pounds as aggressive throughput on fed cattle, combined with heavier carcass weights, contributes more beef to the market. For 2023, beef production was decreased by 90 million pounds as the market expects few cows to be slaughtered and tighter fed cattle supplies. Quarterly steer prices for 2022's fourth quarter jumped by $4.00 from last month to average $152.00. For 2023, first-quarter steer prices are anticipated to average $153 (up $2.00 from last month) while second quarter prices in 2023 are anticipated to average $154 (up $2.00 from last month as well). Beef imports for 2022 fell by 13 million pounds, but exports also fell by 29 million pounds as the Asia markets aren't expected to buy as aggressively through the end of the year. Beef imports for 2023 remained steady at 3,350 million pounds, and exports held steady at 3,070 million pounds.
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