The beef production outlook is noticeably raised from last month. Third- and fourth-quarter 2024 production is forecast higher from last month, raising the annual forecast to 27.000 billion pounds, just above 2023 production. This is based on a faster expected pace of fed cattle marketings and cow slaughter for the rest of the year. In addition, carcass weights are heavier than previously expected. The outlook for 2025 production is raised to 25.925 billion pounds on a higher anticipated level of fed cattle marketings, as well as on heavier carcass weights from last month. Cattle price forecasts are adjusted higher on recent price strength and the faster pace of marketings. Based on August trade data, U.S. beef imports are raised in late 2024 and in second-half 2025. However, beef exports in second-half 2024 are lowered from last month.
See the latest Livestock, Dairy, and Poultry Outlook report.
