Total U.S. meat and poultry production is forecast only fractionally higher in 2024 — up just 0.1% to 107 billion pounds — as each commodity faces its own set of challenges.
Lower feed costs, more hay and diminishing drought in some areas have failed to incentivize the U.S. beef cattle sector to start rebuilding. Giving an overview of the livestock and poultry outlook at the 2024 USDA Agricultural Outlook Forum, U.S. Department of Agriculture livestock economist Shayle Shagam said a couple of factors are at play.
The first factor is record-high feeder calf prices, he suggested.
“It…
