Cattle producers, like other farmers, are generally an optimistic bunch. A Drover’s beef industry survey shows that 64 percent of the respondents remain optimistic about the future. Over half (51 percent) of the producers plan to grow their herd size in the next five years, and another 38 percent will maintain their herd sizes. Parts of the U.S. still face dry conditions, but the situation is better than at this time in 2023.
Producers are looking to the future, with 59 percent saying they’re planning to add a family member to the operation within the next five years. That number was 54 percent last year. While beef cow inventories continue to stabilize this year, the industry could experience a longer transition period as significant risks mute profit signals that would normally jump-start herd rebuilding efforts. Rabobank is forecasting a stable cow herd between 27.9 and 28.3 million over the next three years.
-NAFB