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.

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.

Producers hold cattle on feed for longer due to lower grain prices and reduced slaughtering.

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

The inventory included 7.2 million steers and steer calves.

Looking at the 52-week period from November 2022 to November 2023, fresh beef prices averaged $6.19 per pound.

September 2023 U.S. beef exports were 232 million pounds, 13% lower than the average from 2018–22, according to USDA.

March 2023 was the third-highest sales month in the brand’s history at 112.3 million pounds.