August WASDE Update

The most recent USDA WASDE report released August 11th had a reduction from last month’s projected production levels for beef, pork, and broilers for the second half of 2023 and the first and second quarters of 2024. (Chart 1).

Drops in live weights along with lighter head counts on steer and heifers offsetting higher cow slaughter led to a lower production forecast on beef for the remainder of 2023 and into the first quarter of 2024. The second quarter of 2024 is forecast to have increased beef production due to higher out-front head counts. With the cattle herd not in a growth phase, processors continue to pull cattle into slaughter early due to drought and high heat, increasing year-end slaughter while dropping 2024. For 2023 and into 2024, most quarters range from two to seven percent lower than the prior years. (Chart 1 and Fig. 2)

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