In its monthly World Supply and Demand report, USDA forecast average national choice steer (1100-1300lb) prices at $91.61 per hundredweight in 2007, down from the October forecast of $92.11. It dropped its 2008 average price forecast to a range of $87-$94 per hundredweight from the October forecast of $88-$95. The resulting higher meat supplies will put pressure on prices.

USDA reduced its US beef export forecasts to reflect the suspension of exports to South Korea pending successful negotiation of new import protocols. It dropped its 2008 beef export forecast to 1.710 billion lb from its October forecast of 1.875 billion.