In the latest WASDA report from USDA, adjustments in beef and pork production forecasts for 2024 reflect changing trends in slaughter rates and demand dynamics.
Beef production forecast for 2024 is raised, with adjustments in slaughter rates and carcass weights.
US Beef imports increase for 2024, led by demand and larger supplies from Oceania.
Cattle prices for 2024 see an upward adjustment, with an expected increase in first-half demand for fed cattle. Hog prices experience a rise due to lower pork production levels and steady demand.
US Beef production forecast for 2024 is raised due to adjustments in cattle slaughter dynamics. Slaughter is anticipated to slow down in the first half, with a subsequent increase in steer and heifer slaughter for the latter half of the year. Carcass weights are also expected to rise in the second half, influencing overall beef production levels.
US Beef imports for 2024 are increased, driven by strong demand and larger beef supplies, particularly from Oceania. Pork US export forecast sees an uptick based on late 2023 export trends and expected continued firm demand in key markets.
Cattle prices for 2024 are raised, reflecting anticipated strength in first-half demand for fed cattle amidst tightening feedlot numbers. Hog prices experience an increase due to lower pork production and steady demand.
Overall, the report indicates a complex interplay of factors influencing cattle and hog markets. While adjustments in production forecasts and trade dynamics pose challenges, there are also opportunities for businesses to navigate these markets strategically.
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The information provided in this market insight is for general informational purposes and should not be considered as financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.
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