Beef demand continues high, despite rising prices.

Participant: Gary Crawford and Mark Jekanowski, USDA Outlook Board Chairman

Transcript

We're still seeing relatively tight cattle and beef supplies and strong prices.

Very strong prices.

This from USDA Outlook Board Chairman Mark Jekanowski.

His analysts have taken another look at their previous forecast for this year's beef production.

In the result, not a lot of changes.

They did up slightly the forecast for beef output, adding 140 million pounds.

That still puts this year's beef production down about 2 percent from last year.

As for steer prices...

Very strong.

We raised our steer price forecast by $2.50 per hundredweight.

Currently at $182.50 per hundredweight.

That's up almost $7 per hundredweight year over year.

And would be a record high average price.

And reflects still very strong consumer demand despite very high beef prices.

This is Gary Crawford reporting for the U.S. Department of Agriculture.