Rabobank predicts that beef supplies will be tight next year as ranchers hang on to more females to rebuild herds.
The report came at the same time as the U.S. reported a five per cent decline in the number of cattle on feed.
Rabobank says herds are being rebuilt because cattle prices were high this year and because feed costs are declining.
It says one of the big question marks is how much beef consumers in North American and Europe will want to buy.
Brazil and Argentina will be increasing exports, but global production will decline, predicts Rabobank.