THEE Hot Barn Report!
Heard ONLY on American radio stations across the nation and online at hotbarnreport.com!!
Welcome to America’s Hot Barn Report now heard coast to coast and border to border
It is official, we have just confirmed our 12th reporting barn for the big fall run. We now blanket the great Northern beef belt from Motely, Minnesota to Torrington, Wyoming.
The Hot Barn Report is a fast paced and entertaining daily program covering the latest news and trends in the cattle industry, hosted by Monte James, a veteran rodeo announcer, radio host and industry expert! The Hot Barn Report features interviews with industry leaders, market analysts, producers and ranchers and features True Price Discovery from salebarns in Great Northern Beef Belt and across the nation.
It’s full throttle fall run and I’m here to give you all the cattle industry news right here on this special Friday edition of the Hot Barn Report.
We’ve got a bevy of reports from the USDA that are directly related to your cattle business! Production and price forecasts are little changed from last month. The forecast for 2023 commercial beef production is 26.9 billion pounds, 40 million lower than last month’s projection, based on a lower production outlook for the second half of the year. This is due to a slower pace of fed cattle marketing in September that is partially offset by higher expected cow slaughter for the rest of the year. Prices for feeder steers are projected higher in fourth-quarter 2023 and first-half 2024 which is good since input prices also seem to be holding higher than the last few years.
Based on July trade data, beef imports are raised in second-half 2023 and in 2024. However, U.S. beef exports are projected to decline further in 2023 and 2024 than forecast last month as the demand outlook from Asia is revised lower.
After 4 years of fresh beef imports outpacing frozen imports, frozen imports are higher than fresh this year. This is mostly due to the rise in imports from Australia and New Zealand compared to imports from North America, as frozen product is often more convenient for longer transportation.
Due to higher expected supplies from Oceania, the import forecasts for the third and fourth quarters are raised 20 and 15 million pounds, respectively, for an annual 2023 forecast of 3.5 billion pounds. This would be a year-over-year increase in imports of nearly 5 percent. The import forecast for 2024 is raised 30 million pounds to 3.590 billion pounds on greater imports from Oceania.
U.S. beef exports continue to face a multitude of economic headwinds and have fallen significantly from last year’s record levels. On top of fewer exportable supplies due to lower domestic production, U.S. beef is more expensive on the global market due to the combination of higher domestic beef prices and rising exchange rates to some of the top markets. Exporters are also facing weaker demand in parts of Asia due to economic slowdowns and increased competition from Australia. All of these challenges combined pushed July monthly exports down to 240 million pounds, nearly 22 percent lower year over year and 15 percent below the 5-year average. Year-to-date exports are down 13 percent year over year but only 1 percent lower than the 5-year average.
It is prime cattle marketing time! Contact a Hot Barn today to discuss your cattle marketing needs. Stockmens Livestock, Lemmon Livestock, North Platte Stockyards, St. Onge/Newell, Platte Livestock Market, Tri County Stockyards, Torrington Livestock, Creighton Livestock Market, Bassett Livestock Auction, Mobridge Livestock, Ogallala Livestock Auction Market, and Presho Livestock. Catch them all on CattleUSA.com.
Throw some USA beef on the grill or in the crockpot, depending on where you are listening from and have a great weekend from all of us at the Hot Barn Report. Join Monte right back here on Monday!
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