Market Outlook

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

Summary

Beef/Cattle: Based on slaughter data through December, a slower-than-expected pace of fed cattle slaughter and lighter carcass weights more than offset higher reported cow slaughter. As a result, expected fourth-quarter 2022 production has been lowered by 115 million pounds. A temporal shift in fed cattle marketings and an outlook for higher cow slaughter raised projected beef production in 2023 by 170 million to 26.3 billion pounds. Fed cattle and feeder steer prices in 2023 are raised on firm demand. Beef imports for 2022 are unchanged, but the import forecasts for 2023 are raised on early customs data. Export projections for 2022 are lowered on recent data but they are left unchanged in 2023.

Inflation for all items, food, and selected animal products

The U.S. Department of Labor’s Bureau of Labor Statistics released consumer price indexes, CPI, for 2022 on January 12, 2023. The chart uses annual average CPI to calculate inflation rates and compares the inflation rates in 2021 and 2022 for all products, food, beef, pork, poultry, eggs, and dairy products.

The CPI for beef and veal is the only item in the chart with a lower inflation in 2022 than in 2021. Beef and veal inflation was 9.3 percent in 2021 and 5.3 percent in 2022. All-items inflation was 4.7 percent in 2021 and 8.0 percent in 2022. Pork prices increased by 8.7 percent in 2022. The 2022 CPI for food increased by 9.9 percent. 2022 inflation for dairy, poultry, and eggs exceeded that for 2022 food in general. Eggs had the largest inflation rate, 32.2 percent.

Download chart data in Excel format.