Based on the mid-year cattle report, a further tightening is expected of calves available for placement in late 2025 and early 2026. The report also suggests steady but gradual changes to inventories of beef cows and replacement heifers. That means the 2025 and 2026 beef production forecasts were lowered from last month. Elsewhere, lamb prices moved sharply upward in June and July of this year, leading to higher lamb price forecasts for the rest of 2025 and 2026.
Milk production is forecast to increase in 2025 and 2026, driven by larger herds and improved yields. The all-milk price remains unchanged at $22 per hundredweight. Pork production for 2025 is reduced by one percent from last month’s forecast to 27.7 billion pounds, reflecting a slower slaughter rate and reduced dressed weights in the third and fourth quarters. Projected broiler production in the poultry industry is expected to increase due to strong hatchery data and lower feed costs.
-NAFB