The forecast for first-quarter beef production is lowered 25 million pounds, based on USDA Agricultural Marketing Service reports of federally inspected livestock slaughter, showing a slower pace of fed cattle slaughter and lower aggregate carcass weights than expected last month.

The forecast for first-quarter beef production was raised 15 million pounds based on a faster expected pace of cow slaughter in the latter part of the quarter that will more than offset less bull slaughter and lower aggregate carcass weights.

Brazil’s Agriculture Ministry confirmed a case of bovine spongiform encephalopathy (BSE) on Feb. 22, triggering an automatic ban on beef exports to China.

The total number of all cattle and calves on Jan. 1, 2023, was estimated at 89.3 million head, about 2.8 million fewer than the previous year. This marks the fourth year of contraction for aggregate beef and dairy cattle inventories, in the ninth year of the current cattle cycle – the cyclical expansion and contraction of the national cattle herd over time.

Based on the most recent U.S. Drought Monitor data, the impact of drought continues to be a theme into the new year even as rains bring relief to beef cattle producers in parts of the West.

In addition to setting a global value record with one month to spare, U.S. beef exports also set annual value records in several individual markets.

In this episode, two guests weigh in on what's ahead for agriculture in the new year. Redd Summit Advisor's Ross Bronson addresses ways producers can leverage the decline in cattle inventory, and CoBank's Brian Earnest discusses recessionary fears, rising interest rates and more.

Export volume of U.S. beef ran at a higher pace in October 2022 than one year ago, while export beef value kept rolling toward a record pace for the year. 

The Federal Motor Carrier Safety Administration, a division of the Department of Transportation, has denied an application filed by several ag groups for exemptions from certain requirements of the hours-of-service rules for drivers transporting livestock, insects and aquatic animals.