Looking at Beef in 2013
Rabobank - in its quarterly beef report last week - says smaller beef and cattle supplies in the coming year should increase prices for both to record highs. Record-high feed grain prices due to the drought this year caused many U.S. cattle prodcuers to reduce their herds - causing record-high beef and cattle prices. To this day - Rabobank says consumer demand for beef has held fairly well. This year in March - U.S. slaughter-ready cattle traded a record 130-dollars per cwt - and the report projects slaughter-ready cattle will likely trade at 140 to 145-dollars per cwt. First quarter U.S. beef production for 2013 was estimated at 5.84-billion pounds and second quarter production at 6.15-billion pounds. With fewer cattle - Rabobank says high feed costs will have producers selling cattle at lower weights - which will also produce less beef.
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