Livestock Industry Snapshot

• USDA forecasts rising prices for choice steers with 2023 average prices at $175.54/cwt. and 2024 prices forecast at $178/cwt. Cattle and beef prices have set new records this year, and prices are likely to remain elevated at least well into 2024.

• Broiler prices are forecast relatively flat at $1.26 in 2024. Eggs are estimated at $1.92/doz for 2023, a decrease of nearly $1 from 2022’s average price of $2.82. Egg prices are forecast to continue to decline to $1.65 in 2024, depending on what happens with Avian Influenza.

• Strong demand continues to support high prices for meats, but supply will limit volume and elevated input costs will limit producer profits.

¹ USDA WASDE