Average U.S. beef production during the 12 months through May was up 3.9 percent from the previous year and at its highest level in more than six years. The annual pace of growth ticked up with the last two months of data, marking a tentative transition to an accelerating growth trend.
Slowing growth in U.S. beef consumption per capita and statistical trends within production, however, suggest the transition is temporary and that production will likely revert to an overall slowing growth trend later this year. Drought conditions may lead producers to slaughter cattle earlier in the year. This could explain the recent tick up in the growth rate and further suggests a decelerating trend will resume in the near term.
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