US beef exports expected to fall 8.3% - USDA ERS

Global competition has tightened
calendar icon 21 March 2024
clock icon 1 minute read

In 2024, beef exports are expected to be about 8.3% lower than those of 2023 due to lower 2024 beef production from tightening cattle supplies, as well as from tougher global competition from such beef exporting countries as Australia, according to a recent USDA Economic Research Service.

Based on slaughter data through early March 2024, the projection for cow slaughter is raised in the first half of the year and fed cattle marketings are shifted out of the first quarter and into the outlying quarters at a more rapid pace. As a result, the forecast is raised by 140 million pounds to 26.325 billion pounds. Cattle prices are raised on firm demand and recent price data. 

The forecast for beef imports in the first quarter is raised 50 million pounds to 1.200 billion pounds. 

Projections for beef exports are unchanged from last month.

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