Beef demand is high despite high prices and tighter supplies, analysts say

As 2024 comes to a close, analysts watching the beef markets say it has been quite a year, and note they are in a peculiar spot as it comes to a close.

“Right now, when we talk about the cattle and beef markets, we’re in a unique place. The beef cow herd is in five years of decline because of drought and other challenges we’ve seen. Consumer beef demand is five percent higher than last year and the highest it’s been at any point since 1986. So, even with the pressures we all talk about on consumers today, beef’s been resilient, and that’s allowed the cattle markets to be stronger,” said Lance Zimmerman.

Zimmerman says another trend he is seeing is more countries feeding their cattle grain, particularly Brazil, Mexico, and Australia.