October WASDE report shows rising cattle production and strong market demand

The World Agricultural Supply and Demand Estimates (WASDE) report, a monthly report published by the United States Department of Agriculture (USDA), has released the latest forecasts for 2024 and 2025.

The October report is promising, with beef production expected to rise due to increased slaughter rates and heavier weights.

Below, you’ll find some of the key insights from the latest WASDE report, and what they mean for the cattle industry.

Beef production on the rise

The latest forecast for 2024 shows an increase in red meat and poultry production, driven primarily by higher beef production. This increase is due to more cattle being slaughtered, and heavier dressed weights in the third and fourth quarters.

In contrast, pork, broiler, and turkey production are expected to decline. For 2025, beef production is set to rise further with higher steer and heifer slaughter, especially in the first half of the year, and heavier weights.

Import and export trends

Beef import forecasts for 2024 and 2025 have risen due to strong demand and ample supplies from Oceania and South America. However, beef exports for 2024 are expected to decline based on recent trade data, with no changes anticipated for 2025.

Pork exports are forecasted to decrease in 2024 but will rise in 2025 due to higher U.S. supplies and improved international demand. Broiler and turkey export forecasts lowered for 2024 and 2025 due to increased competition from other major exporters.

Price forecasts

Cattle prices for 2024 are expected to rise in the third and fourth quarters due to strong demand, with this trend continuing into early 2025. Hog prices for 2024 and the first half of 2025 are also expected to increase. Broiler prices for 2024 and 2025 are forecasted to rise, while turkey prices remain relatively unchanged for 2024 but are expected to decrease in 2025.