Global beef production revised up for 2024 - USDA

Beef production forecast to grow by 1%
calendar icon 18 January 2024
clock icon 1 minute read

Global beef production for 2024 is revised 1% upward from the October forecast to 59.5 million tons as upward revisions for the United States and Australia more than offset declines for Argentina and the EU, according to the most recent USDA World Markets and Trade report for livestock and poultry.

Nonetheless, US production is still expected to decline year on year. 

Australia continues herd liquidation and processors have announced additional shifts supporting higher slaughter levels which will offset slightly lower weights. 

Argentina production is revised lower on tighter cattle supplies following a smaller calf crop and drought-induced liquidation in 2023. 

EU production is revised down on lower slaughter amid multi-year herd contraction and sluggish consumer demand. 

The production forecast for Brazil is unchanged.

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