According to the United States Department of Agriculture (USDA), US red meat production is expected to decline by nearly 2% in 2003/04 due to shrinking inventories of cattle, hogs and sheep, though larger than expected slaughter in the second quarter increased beef production.  Higher than expected placements in the second quarter along with higher forecast placements in the third quarter meanwhile are expected to lead to larger beef production in late 2003 and early 2004 than previously expected, heralding the start of herd rebuilding. 

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