Beef report

World Agricultural Outlook Board Chair Mark Jekanowski goes over USDA January outlook for beef production and steer prices for both 2025 and 2026. Tight supplies that are kind of dominating the market for cattle and beef. So year over year beef production expected to be down £260 million for 2025. We raised our beef production forecast by £50 million, just reflecting continued higher cattle weights, which are more than offsetting lower placements. And we expect those higher weights to carry into the current calendar year into 2026, more than offsetting lower placements this year. Tighter supplies. And with that, for 2026, we raised our beef production forecast by £10 million. But still, it's tight supplies that are kind of dominating the market. Beef production expected to be down £260 million, which is providing some support. Cattle and beef prices. We raised our steer price forecast for 2026 by $0.75 per hundredweight, now at $235.75 per hundredweight. That would be up $11.38 from last year from 2025. And we're expecting that price strength to continue throughout the year. Speaker1: Good information for Idaho ranchers who produce so much beef.