Wednesday's WASDE report shared mostly supporting news to the beef and cattle markets. Beef production for 2022 was raised as both the third and fourth quarters expect larger production than what was originally anticipated a month ago. This hike in production stems from aggressive throughput in the packing sector, along with heavier carcass weights. 2022's production rose by 130 million pounds from last month's report. The third quarter's average steer price gained $0.42 from September's report to average $143.42, and fourth quarter steer prices are now expected to average $148.00, which is a $1.00 increase from last month. Both the first and second quarters of 2023 are unchanged for price projections as in the first quarter of 2023 steers are expected to average $151, and in the second quarter $152. Beef imports for 2022 fell by 25 million pounds, while beef exports grew by 10 million pounds.
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