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Beef Prices Expected to Rise Further as Farmers Forced to Sell Off Cattle Herds

(by Levon Satamian | Red State) – The United States Department of Agriculture says the cattle market has shrunk to an extent that hasn’t been seen in years. According to the latest cattle report, “of the 91.9 million head inventory, all cows and heifers that have calved totaled 39.5 million.”

Down from two percent in 2021, there are 30.1 million beef cows, and the milk cows decreased to 9.38 million in the United States.

On Tuesday, the U.S. Department of Agriculture livestock analyst Shayle Shagam said:

“We are seeing large numbers of female stock have been placed in feedlots … supplies of cattle going to feedlots is going to be declining,” resulting in “progressively tighter supplies of all fed cattle available for slaughter as we move into 2023.”

In June, the price of ground beef was up 9.7 percent from a year ago. Due to the decrease in supply, increased input prices, as well as drought conditions, we could see another price surge.

National Cattleman’s Beef Association CEO Colin Woodall said the drought is widespread this year, compared to the regional droughts in the past. Woodall told Fox Business:

“There’s no place to go because everybody is struggling to find the forage they need to feed their cattle … We do expect the prices to continue upwards, but everybody has to remember that it’s not cattle producers setting that price.”

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