News

Livestock economist looks ahead to 2023

A livestock economist says consumer demand and drought will be the top stories he’s watching in 2023.  University of Missouri’s Scott Brown says despite the economic downturn in 2022, consumer demand for beef and pork fared well.  “But if the general economy slows as many are predicting and perhaps we do have a modest recession in 2023,” he says. “How does that change consumer buying habits when it comes to beef and pork?”

He tells Brownfield drought remains a concern as subsoil moisture is still short in a lot of areas, even with the recent rounds of precipitation. “We don’t know what we’re going to get in those pastures in terms of recovery in 2023,” he says. “We don’t know what we’re going to get in terms of a corn crop in the United States in 2023. Let’s just hope it’s better growing weather.”

Brown says he is optimistic about where market prices are headed in 2023, but doesn’t anticipate any herd expansion anytime soon.