Friday's WASDE report was supportive of the beef and cattle markets, although it didn't share much new news to speak of. Beef production for 2023 was raised slightly as throughput is expected to remain snappy on both fed and non-fed cattle classes. 2023 beef production grew by 165 million pounds from last month's report. Quarterly steer prices were raised from last month as relentless beef demand and thin supplies continue to push the cash market to new all-time highs. For 2023 the second quarter is estimated to average $179 which is $7.00 higher than last month, the third quarter is expected to average $173 which is $9.00 higher than last month, and the fourth quarter is expected to average $174 which is $5.00 higher than last month. There were no changes made to beef imports or exports compared to a month ago. 2023 beef imports are expected to total 3,501 million pounds, and exports are expected to total 3,224 million pounds.
No comments:
Post a Comment