– Garth Ruff, Beef Cattle Field Specialist, Ohio State University Extension (originally published in The Ohio Cattleman)
It’s hard to believe that we are already hanging a 2024 calendar on the wall. 2023 has been a roller coaster ride at times across the board. We have seen several ups: record cattle prices, Jim Harbaugh caught in a cheating scandal, great hay making weather. However, with the ups come the downs: high input costs, a Buckeye loss to TTUN for the third time in a row, Joe Burrow’s broken wrist, lower hay yields.
Early 2023 will be remembered by cattlemen for the record cattle prices that have continued to soften since September. In early November in a typically benign WASDE report, USDA raised their beef production projection 2% for 2024.This increase sent some shock through the markets. This increase in projected beef production is likely due to higher feedlot placements this fall due to weather. Look for this to be somewhat short lived as the cattle supply continues to be tight. While cattle prices have been softer since mid-September, the long-term outlook is still rather favorable as the cow herd continues to shrink.
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