Cattle and hog markets saw few changes after the latest World Agricultural Supply and Demand Estimates report from USDA. The report detailed that this year’s beef production increased by 70 million pounds as strong throughput and heavier carcass weights has contributed more to the market than previously thought. Estimates for 2023 production held steady at 26,275 metric tons. Beef imports for this year held steady at 3,376 million pounds and exports increased by 20 million pounds. Beef exports for 2023 are slated to grow again by another 20 million pounds as exports into Asia are anticipated to be a strong market.

Pork production decreased for 2022 by 60 million pounds at 27,061 million pounds. Pork production remained steady for 2023 estimates at 27,345 million pounds. The first quarter of the new year is expected to be the most aggressive for both beef and pork production.

Read more on livestock markets and 2023 estimates here.