Steiner Consulting is forecasting US beef imports in 2024 to be 4.3 billion pounds, 600 million pounds higher than in 2023, and more than 900 million pounds higher than in 2022.

Sending fewer female cattle to slaughter is the first step in finding the cyclical bottom.

If current trends persist, herd rebuilding will resume in 2025.

The June 2024 average price for all types of ground beef sold at retail was $5.71 a pound, 5% higher than a year ago.

Increase in imports of feeder cattle bolsters feedlot placements and feedlot inventories overall.

Wholesale beef prices, especially the price of high value cuts such as ribeye steaks or tenderloin, has been drifting counter seasonally lower.