Beef Production Projections Not Looking Good

Beef Production Projections Not Looking Good. I'm Greg Martin, this is Market Line. When it comes to beef production it appears that the next year may be another tough one. World Agricultural Outlook Board Chair Gerry Bange explains why beef production for 2011 is projected down a bit. BANGE: We do expect beef production drop about 2.2% in 2011 to 25.12 billion pounds. The reason for that of course is the inventories, the cattle inventories are down. We expect marketings to be down in 2011, the returns have been somewhat poor for producers and they're reacting accordingly and there really has not been a lot of incentive for beef producers to expand. Checking on the markets...On Wednesday Chicago July corn down ½ at 359-2 July wheat was up 1 and a half at 469-2 Portland soft white wheat $4.70 - 4.75 unch-dn 3 New crop soft white $4.65 - $4.75 dn 5-unch Only new crop July bids on HRW 11.5 % protein mostly $ 5.23 DNS 14% protein mostly $ 6.44 August live cattle unchanged at 91.525 August feeders also unchanged at 112.575 June Class III milk 13.75 up +0.23 I'm Greg Martin and that's Market Line on the Northwest Ag Information Network.