USDA raise beef export forecast
USDA have raised their beef export forecasts for both 2008 and 2009 due to strengthening exports to Asia. In their monthly World Supply and Demand Report, USDA forecast beef exports in 2008 at 1.841 billion lb, up from 1.725 billion, and raised their 2009 export forecast to 2.06 billion from 1.915 billion.
They left their beef production forecasts unchanged for 2008, but said production would be slightly lower in the third quarter due to reduced steer and heifer slaughter that more than offsets increased cow slaughter, while increased cow slaughter in the fourth quarter is expected to result in slightly more beef production.
Cattle price forecasts for both 2008 and 2009 were raised to reflect current strength in demand and relatively tight supplies.
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