Despite record high cattle prices, indications are the cattle herd is still shrinking.
USDA June 30 Report, Corn Acreage
Beef production could be at an all-time high as herd expansion continues after beef producers experience their second most profitable year in history in 2017.
Commodity brokerage INTL FCStone on Tuesday projected U.S. 2017 corn production at 13.590 billion bushels, with an average yield of 162.8 bushels per acre (bpa).
U.S. beef exports totaled 216 million pounds in July, up 8% from a year ago.
Producers need to calculate their hay inventory, determine the pounds of cattle and other livestock to be fed, and plan accordingly.
As feedlots feed animals placed at heavier weight, feed conversion on a per-pound of gain basis will increase but overall industry use of grain will decrease.