Production for 2023 was decreased by 180 million pounds as both fed steer and heifer slaughter speeds have been reduced and dressed weights are expected to remain lighter than originally anticipated. However, it was interesting to note that the report said cow slaughter speeds remain elevated and are expected to remain high in the first part of 2024 -- indicating any sort of build-back in the U.S. beef cowherd has not yet started. Quarterly steer prices saw a big increase from last month as packer demand has remained incredibly strong. Steer prices in the third quarter of 2023 are now expected to average $184 (up $6.00 from last month) and fourth quarter steers prices in 2023 are now expected to average $190 (up $7.00 from last month). Quarterly steer prices in the first quarter of 2024 are expected to average $188 (up $2.00 from last month) and second-quarter steer prices in 2024 are expected to average $186 (up $4.00 from last month). 2023 beef imports fell by nine million pounds, and 2023 beef exports remained unchanged from last month.
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