Although dollar depreciation was favorable to higher exports, there are industry-specific factors that either enhanced or offset this impact. First-Half 2023 Year-Over-Year Changes in Animal Product Export Volumes Reflect Industry-Specific ConditionsĪ mid-year comparison of January to June export volumes for 2023 to the same period last year shows a wide range of increases and reductions across the selected animal products: beef and veal (-11.4 percent), pork (+9.6 percent), lamb and mutton (-8.7 percent), broiler (+1.1 percent), turkey (-7.4 percent), eggs and egg products (+3.6 percent), and dairy (-3.5 percent). Based on June trade data, beef imports are lowered on second-quarter data, but the outlook for imports and exports is unchanged. The cattle price forecasts for 20 are adjusted mainly on current price strength. Projected 2024 production is increased 465 million pounds based on the shift in marketings from 2023 to 2024 and an increase in placements. Higher projected placements in late 2023 and early 2024 raises anticipated marketings next year.
This resulted in a temporal shift of marketings from late 2023 to 2024. Summaryīeef/Cattle: Second-half 2023 production is forecast to decline 180 million pounds from last month on a slower pace of fed cattle marketings, which is only partially offset by higher expected cow slaughter. See the latest Livestock, Dairy, and Poultry Outlook report.
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