Estimates of world beef production for 2003 made by FAO (Food and Agriculture Organization) indicate a rise of about two per cent to a new record of 62.1 million tonnes mainly due to marked rises in South America and China, Any further increase in 2004 will be marginal as production is falling in two of the largest producers the United States and the European Union. In both the US and EU the cattle herds are continuing to decline and there are no indications of a change in this trend. In the US the situation in 2004 is being exacerbated by poor feedlot performance including increased feed costs.
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