Canada: Livestock and Products Semi-Annual
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The Canadian cattle herd continues its sustained contraction in 2024. A smaller beef cow inventory will see the 2024 calf crop decline. Improved cattle prices may signal improved heifer retention if moisture conditions and pastures improve, or producers could see this as an opportune time to maximize exiting the industry during a time of better returns. Live cattle imports and imports of U.S. feeder cattle will 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. The Canadian swine herd is forecast to continue its contraction through 2024. Reductions in slaughter capacity in Eastern Canada will see slaughter reduced and breeding herd reductions in that part of the country. Canadian demand for pork will sustain 2024 imports at 2023 levels while Canada will look to an improved export performance for pork in 2024.
