The majority of Australian beef producers have confirmed no change their intention to adjust their herd sizes as indicated in Meat & Livestock Australia’s (MLA) Beef Producers Intentions Survey in April 2024.
The Beef Producer Intentions Pulse Survey, conducted in July, has shown that 82% of producers indicated their intention remained to increase, keep the same, or reduce their beef cattle herd.
Of the 18% who reported their intentions have changed since the previous survey in April 3% now intend to increase their beef cattle herd, 8% now intend to keep their beef cattle herd size the same and 7% now intend to reduce their beef cattle herd.
Producers who had participated in the April 2024 survey were invited to complete the July 2024 pulse survey and sought feedback from 1421 grassfed beef cattle producers.
MLA Market Information Analyst Emily Tan said the aim of the July 2024 pulse survey was to provide updated estimates on those provided in the April 2024 survey.
“The July 2024 pulse survey was designed to confirm producer intentions, planned autumn calf drop and forecasted sales provided in April,” Ms Tan said.
“As 82% of producers indicated no changes to their intentions from April, we can say that producers are keeping a steady ship at this time.
“The pulse survey also wanted to take an estimate of autumn calf drop for producers who indicated they join females to deliver calves in autumn.
“Most producers who target autumn-calving reported a change to their forecast autumn calf drop. Of these, 36% delivered fewer calves than previously forecast in April 2024; whilst 37% delivered more calves than expected; and the remaining 27% reported their calf drop matched their forecast.
“When taking account of the sizes reported, the analysis indicates the 2024 autumn calf drop was closer to 2.75 million than the planned 2.58 million which was an approximate 6% uplift.”
The pulse survey also gauged how cattle sales performed according to expectations demonstrated in the main April survey.
Almost half of producers reported they sold fewer cattle than previously forecast in April 2024.
The survey reported 46% sold fewer cattle in the first half of 2024 than forecast, 21% sold more cattle than expected and 33% reported they met their forecast cattle sales.
“For those who sold fewer cattle than anticipated, the decision ultimately boiled down to two main reasons,” Ms Tan said.
“Forty-six% said that prices were not strong enough to justify selling and 28% decided to retain their cattle in the anticipation that forecast prices were to be stronger.”
Ms Tan said when then taking account of the number of cattle sales reported, the analysis indicates the first half of 2024 sales were closer to 3.6 million than the forecasted 4.58 million.
The Beef Producer Intentions Survey was designed by MLA to support the industry with reliable data and is used by MLA and the Australian Bureau of Statistics (ABS).
It is one of the inputs into the MLA beef industry forecasting models.
Visit Beef Producers Intentions Pulse Survey July 2024 to view the full results.
