2027 Beef Forecast Lowered, ARC and PLC Sign Ups are Open

USDA is updating its outlook for the cattle market in 2027. World Agricultural Outlook Board Chair Mark Jekinowski reviews the agency's September forecast for beef production and steer prices for next year.

“For 2027, we have a reduction of about 150 million pounds this month for beef production, reflecting our expectations of lower slaughter weights and lower placements in 2026. Just for a little bit of perspective, the August Catalan feed report showed the lowest July placements on record. Lower placements this year is going to tend to mean lower beef produced next year. That's reflected in this month's adjustments. So, 2027 beef production now forecasted just over 24.8 billion pounds, and it would be down just slightly, about 40 million pounds from 2026. So, nearly equivalent to 2026 levels. For 2027, we lowered our steer price forecast by $11.75 per hundredweight down to $237.50 per hundredweight.”

That's World Agriculture Outlook Board Chair Mark Jekanowski, and the Farm Service Agency is now taking signups for the agricultural risk coverage and price loss coverage programs through December 11th.