USDA revises global beef production forecast

Global beef export forecast virtually unchanged
calendar icon 21 August 2023
clock icon 1 minute read

Global beef production for 2023 is revised nearly 1% higher from the April forecast to 59.6 million tons, according to a recent USDA Foreign Agricultural Service report

Drought has induced more herd liquidation in Argentina, raising its production 6% from the April forecast. 

Similarly, larger feedlot placements and higher cow slaughter are expected to boost US production by 1% from April. New Zealand production is raised 3% as male dairy calves are now marketed for beef. EU production is cut 1% on lower slaughter and lighter weights due to high input costs.

Global beef exports for 2023 are virtually unchanged from the April forecast at 12.1 million tons. Upward revisions in the forecasts for New Zealand, Australia, Argentina, and Brazil offset declines in forecasts for Mexico, United Kingdom (UK), and the EU. Firm China demand is expected to attract Brazil and Argentina shipments. Australia will benefit from rising Japan and South Korea demand. In addition, robust US demand for processing beef will bolster Australia and New Zealand shipments. A strengthening peso weakens Mexico’s export outlook. Waning EU demand hampers UK exports while lower EU production depresses EU shipments.

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