The USDA revised the forecast of global beef production in 2024
Global beef production for 2024 is revised 1 percent 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.
Nonetheless, U.S. 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.
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.
Global beef exports for 2024 are revised 1 percent higher from the October forecast to 12.1 million tons. Shipments by Brazil and Australia are revised upward on ample production and firm global demand. Australia and Brazil, the world’s leading exporters, will benefit from robust U.S. import demand spurred by declining domestic production. However, Brazil shipments will be constrained by U.S. beef import quotas whereas Australia shipments are unlimited and duty-free due to the United States- Australia Free Trade Agreement. The forecast for China demand is slightly improved despite slower expected economic growth.
Source: USDA
