By Jamie Martin
US beef production has been slowing significantly in 2024. The latest data shows a 15% drop in cow slaughter, falling by over 650,000 head to 3.76 million. Bull slaughter has also seen a notable decline.
As a result, lean domestic beef production has dropped by 12% compared to 2023, marking the smallest output since 2016, now standing at 1.2 million tonnes.
Heavier carcase weights and an increase in heifer feedlot entries have somewhat cushioned the production decline, limiting the overall reduction to just 1% so far in 2024. The USDA projects a similar 1% drop in production next year.
The higher number of heifers in feedlots means a smaller future breeding herd, which will slow any attempts to rebuild US cattle numbers.
Looking ahead to 2025, beef production is expected to decline by 4%, and exports are forecasted to drop by 13%. This reduction creates a gap in the market that Australian beef producers are already filling.
From January to August 2024, Australian beef exports to the US have surged by 69%, reaching 234,975 tonnes, making the US the top destination for Australian beef.
As US production shrinks and Australian output reaches record highs, global beef market dynamics are set to shift, with Australia expected to play an even more significant role.
Photo Credit: gettyimages-diane-kuhl
Categories: National