Tight Supplies Expected to Boost Cattle and Hog Prices in 2024

Tighter cattle supplies are expected to increase record feeder and fed cattle prices in 2024; pork producers will see better pricing conditions as well.

USDA's Livestock and Poultry Outlook for 2024 shows limited production growth in overall U.S. red meat and poultry in 2024 as the impacts of the multiyear drought continue to affect supplies of red meat and poultry.

"Cattle producers should be encouraged by Thursday's news as the market's strong fundamental outlook is again supported by thin numbers and impeccable demand -- which won't likely be tested until the cow herd begins to restock and supplies increase," said DTN Livestock Analyst ShayLe Stewart.

"Hog producers were also gifted a favorable 2024 outlook as strong domestic and international demand should elevate prices in the year ahead."

USDA released its outlook report for different sectors of agriculture on Thursday as part of the USDA Outlook Forum in Arlington, Virginia.