This month’s World Ag Supply and Demand Estimates report revised next year’s beef production lower by 90 million pounds, while calling for a decrease in pork production for the first part of 2023. USDA economists are now forecasting total beef production of 26.34 billion pounds next year, which would be a drop of nearly 2.1 billion pounds. Pork production is projected to come in at 27.36 billion pounds. University of Missouri livestock economist Scott Brown reacted to the numbers at the Missouri Pork Association’s Swine Institute on Wednesday in Sedalia.
Brown says year-over-year declines are projected for both beef and pork in the winter and spring.
The reductions could result in higher cash cattle prices. USDA now projects an average steer price of $152 per hundredweight for the remainder of this year, with next year’s average price at $156, an increase of $2 from the October estimates. Hog prices are forecast to decline, now at $64 this quarter and an average price during 2023 of $67.