US beef prices may hit a record in 2023, according to Dan Basse of the AgResource Company in Chicago. Basse was speaking at the Barnett-Hall Conference last week.
He said he is bullish on meat, in general, but on beef in particular.
In the US at present, dairy calves are selling for approximately $13, while calves from a dairy cow crossed with a beef animal such as an Angus are selling for as high as $320.
The Chicago-based market analyst noted that the government is paying farmers to use beef straws.
Animals are in short supply, hay is in short supply and, as a result, he expects meat prices to rise.
The risk of avian influenza is also a player in the market and he is bullish for poultry prices, followed by pork.
Pork he said will take more time. Labour is expensive and new hog facilities are not being built in the US. He predicted pork prices to do well by June or July 2023.
On the grain to feed those animals, Basse expects soya bean prices to ease, while maize production is expected to be back in 2022-23.