Tuesday's WASDE report shared supportive news for the cattle and beef markets. Beef production is raised for the second half with lower expected carcass weights and lower third-quarter slaughter more than offset by higher fourth-quarter slaughter. Beef production in 2022 grew by 15 million pounds from June's report to total 27,922,000 pounds. The beef production forecast was lowered slightly in anticipation of lighter carcass weights in 2023, but the industry will know more next month, as by then, it will have seen USDA's July Cattle Inventory Report, which will be released July 22. Beef production in 2023 is anticipated to total 25,940,000 pounds. Quarterly prices didn't change much for 2022, other than in the second and third quarters where gains were noted. The second quarter's average price jumped $1.93 from last month to average $141.93, and the third quarter's average price jumped to $139.00, $3 higher than June's report. Beef import forecasts for 2022 and 2023 are unchanged from last month, while the export forecasts are raised for both years on firm international demand. Beef exports for 2022 grew by 75 million pounds, and beef exports for 2023 grew by 40 million pounds.
No comments:
Post a Comment