The USDA held its annual Agricultural Outlook Forum in February where they covered many topics relevant to the agriculture industry, including trade regulation, policy, and rural development. The forum discusses the current state of the agricultural industry and prepares projections for the current year as well as the factors that support those projections.
The theme for 2019 is “Growing Locally, Selling Globally”. Over 1,500 participants explored topics in global trade, biotechnology, conservation, and market outlooks. These participants included producers, processors, policymakers, government officials, and relevant industry organizations from around the world.
Of significant interest is the Cattle report which was released in January of this year. This semiannual report provides information on the industry’s inventory of both cattle and calves.
While 2018 exports of beef were strong (U.S. beef exports increased 10.3 percent last year), driven by domestic production increases and favorable foreign demand, the outlook for 2019 beef production is slightly lower. The Cattle report indicated a lowered 2019 beef production forecast, primarily due to a lower calf crop during 2018, reducing the outlook for placements and marketings this year. Large available supplies and exceptional demand from Asian markets helped U.S. beef exports reach record levels in 2018. The 2019 export forecast is expected to be unchanged.
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Learn how our unique supply chain sources can get you the best quality wholesale beef products. Call us for more information or assistance with your wholesale food needs.