Feed, beef price outlooks
On the cost side of the dairy equation, the 2012/13 estimated season-average corn price range was lowered 5¢-35¢/bushel, in a range of $6.75-$7.65/bushel, according to the USDA’s World Ag Supply & Demand Estimates (WASDE) report, released Feb. 8. However, the U.S. season-average soybean price was projected 5¢/bushel higher on both ends of the range, at $13.55-$15.05/bushel. Soybean meal prices were unchanged compared to last month’s forecast, at $430-$460/ton.
Even though USDA raised beef production estimates, it left the 2013 steer beef price forecast unchanged at $125-$134/cwt. Beef production is raised based mostly on heavier carcass weights, but cow slaughter in the first quarter of 2013 is expected to be relatively high