Following two Congressional hearings on the beef and cattle markets largely focused on prices producers receive for their cattle, the North American Meat Institute (Meat Institute) said the latest USDA annual report on livestock income clears up misconceptions about the state of cattle markets and shows cash receipts for the sale of cattle and calves increased 16 percent, from $63.1 billion in 2020 to $72.9 billion in 2021.
“As our members said in their testimony, prices are improving for cattle producers due to supply and demand reflecting the cyclical nature of cattle production,” said Meat Institute President and CEO Julie Anna Potts. “Due to the shrinking herd and sustained consumer demand, cattle prices are at seven-year-highs without federal intervention in the market.”