Here’s what Meatingplace Magazine wrote about its recent report:
The Canadian cattle herd continues its sustained trend of contraction with numbers at their lowest level since 1989, according to a new Global Agricultural Information Network (GAIN) report from USDA’s Foreign Agricultural Service.
Quoting Statistics Canada, the report said that the herd inventory numbers at the beginning of the year showed beginning stocks down 240,000 head compared with January 1, 2023.
Persistent drought conditions continued to support decreased heifer retention and increased cow slaughter through 2023. A smaller beef cow inventory, in turn, will see the 2024 calf crop decline, the report added.
Live cattle imports and imports of U.S. feeder cattle are expected to decline as tightening supplies in the United States increase competition for those animals. Imports of ground beef and lower cost product from Australia and South America will be supported by price-conscious Canadian consumers, according to the GAIN report.
The Canadian swine herd is forecast to continue its contraction through 2024, as well, the report said. Reductions in slaughter capacity in Eastern Canada (Olymel plant closures) will see lower slaughter and reduced breeding herd numbers in that part of the country.
Still, demand for pork by Canadian consumers will sustain 2024 imports at 2023 levels while Canada will look to an improved export performance for pork in 2024, the report added.
