U.S. beef production to slow into 2024
An 8-percent decline year over year
Source: Unsplash
Hello Financial Healers,
Now might be a good time to stock up on beef. According to the USDA, “Cattle prices are projected to reach new highs in 2024, and the 2023 forecast was raised as well.”
The report cites drought as the reason for short supply: “a core portion of the U.S. beef herd remains under severe drought conditions…”
The USDA also notes that “Hog prices next year are forecast to average… almost 9 percent above expected prices in 2023.” There’s no surprise that the report claims, “inflation… [has] probably contributed to reduced pork demand…”
At least poultry and egg prices are declining: “For the year, the 2024 wholesale egg prices are projected to average… a 23-percent reduction from the 2023 projected average.” Likewise, turkey prices will fall as the population recovers from avian flu.
TLDR: a combination of drought and avian flu has hurt US cattle and poultry populations, with inflation affecting hog prices. The chicken population has started to bounce back, but turkeys are taking a bit longer.
Here’s the full report, if you’re interested.
God bless your Prosperous Soul,
Stephen K. De Silva
About the author: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s unique experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com