Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Report Summary

Beef/Cattle: Tightening supplies of cattle will continue to pull down U.S. beef production in 2025, supporting a 6-percent year-over-year decline to 25.120 billion pounds. As a result, aggregate domestic beef disappearance in 2025 is expected to decline more than 5 percent to the retail-equivalent basis of 55.6 pounds per capita, the lowest since 2015. In 2024, a temporal shift in expected marketings to second-half 2024 and heavier carcass weights lift the production forecast to 26.595 billion pounds. Cattle prices are projected to reach new highs in 2025; however, the 2024 forecast is lowered from last month. The 2025 import forecast is expected to set another record, while exports are forecast to decline by more than 11 percent.