Livestock Industry Snapshot

• USDA forecasts continued price increases for choice steers with 2024 average prices at $188.11/cwt.  Cattle and beef prices are likely to remain elevated for at least another 18-24 months due to low herd sizes. 

• Broiler prices are forecast up slightly at $1.29 in 2024. Egg prices are forecast to average $2.71/doz in 2024, a significant increase from 2023.  

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

• The recreational horse industry in the Northeast is presently experiencing opposing cross currents, benefiting from continued robust demand while struggling with persistently elevated input costs and a tight labor market. As a result, most stables are full, but many owners continue to experience low margins in their boarding operations, even after price increases. With input prices cooling, and good early results for 2024 hay, farm owners should see some relief in margins in the second half of the year. Demand for stabling will likely remain strong, especially given recent private equity investments in competition venues in the lower Hudson Valley – it appears that this area is solidifying its position as a singular summer hub for upper-level riders in showjumping and dressage, where previously these participants had been geographically dispersed outside of the Florida winter circuits.

¹ USDA WASDE