WASDE: Reduced beef production forecast in 2014

Higher-than-expected production in the forth-quarter helped offset lower third-quarter estimates in 2013, according to the USDA's latest "World Agricultural Supply and Demand Estimate" report.

For 2014, the USDA slightly reduced its beef production forecast from the September report on lower placements of cattle in feedlots. Despite lower U.S. beef production, which would increase demand for imports, global supplies are tight and demand by competing importers is expected to limit growth in U.S. imports.
Beef exports are higher for 2013 based on the strength of shipments to date, but the forecast for 2014 is unchanged from September.
Beef imports are reduced for 2013 as based on the current pace of imports with the lower level carried through into 2014.
Cattle prices for 2013 and 2014 are raised from September as demand for fed cattle is strong.
Overall, forecasts for total red meat production both 2013 and 2014 were lowered. While beef production was left nearly unchanged in 2013, pork production was reduced for both 2013 and 2014.
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