Market Reports

The forecast for 2018 beef production was lowered by 150 million pounds to 26.9 billion pounds. The revision is based on adjustments to the third quarter and, in the fourth quarter, expectations of fewer steers and heifers to be slaughtered more than offset the anticipation of more cows added to the slaughter mix.

U.S. beef exports cooled from the record results posted in August, but remained very strong in September and were still significantly higher year over year.

Steer slaughter continues to run below year-ago levels so far this year. This is despite the fact that the quarterly feedlot inventories have shown more steers on feed in 2018 compared to last year.

U.S. beef trade continued the impressive performance of recent months in the latest monthly trade data for August. Total monthly U.S. beef exports were up 9 percent with a year-to-date total up 14.2 percent year over year.

The 2018 beef production forecast is unchanged from the previous month’s forecast at 27.1 billion pounds. However, the 2018 production forecast reflects lower expected production in the third quarter that offsets higher anticipated production in the fourth quarter.

U.S. beef exports set new records in August with export value topping $750 million for the first time, according to data released by the USDA and compiled by the U.S. Meat Export Federation (USMEF).