Meat production estimates mostly up on month

The USDA has increased its outlooks for 2023 red meat and poultry production, with gains in beef, broilers, and turkey canceling out a cut in pork.

Beef is seen at 26.665 billion pounds, up 170 million from February on higher slaughter estimates and larger placements into feedlots, with an average steer price of $162 per hundredweight, up $3, and higher consumption, along with steady imports and exports.

Pork is estimated at 27.410 billion pounds, down 35 million because of lighter carcass weights, with an average barrow and gilt price of $66 per hundredweight, $.50 lower, and no changes to imports, exports, or consumption.

Broiler production is expected to be 46.75 billion pounds, 50 million higher due to hatchery and slaughter data, with an average price of $1.27 per pound, up $.50, and steady imports, exports, and consumption.

Turkey is projected at 5.585 billion pounds, a gain of 25 million on the month because of hatchery and slaughter numbers, with an average price of $1.62 per pound, unchanged, and lower exports against steady imports and consumption.

The USDA’s next set of supply and demand estimates is out April 11th.

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