Beef and cattle trade responds to market conditions

Cattle and beef markets are undergoing a sharp transition in 2023 with ever-tighter cattle numbers, declining beef production and sharply higher cattle and beef prices. These market conditions are expected to impact international trade of U.S. cattle and beef. Reduced beef supplies and higher prices are projected to lead to reduced beef exports and increased beef imports. The strength of the U.S. dollar and the impacts of exchange rates may further exaggerate or mute these underlying market forces. The relatively strong dollar in recent months has tended to dampen beef exports and…