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Red meat, poultry production guesses higher

The USDA has higher expectations for 2024 U.S. red meat and poultry production.

Beef is seen at 26.455 billion pounds, up 130 million from March on a faster slaughter rate and heavier average weights, with an average steer price of $185 per hundredweight, $2 higher, and steady imports, along with increased exports and consumption.

Pork is estimated at 28.09 billion pounds, 180 million higher, because of the processing pace, with an average barrow and gilt price of $63 per hundredweight, up $2, and larger imports, exports, and consumption.

Broiler production is projected at 47.1 billion pounds, a rise of 225 million due to slaughter and hatchery data, in addition to heavier weights, with an average price of $1.29 per pounds, $.02 higher, and cuts to imports and exports, but with a gain in consumption.

Turkey production is expected to be 5.375 billion pounds, 5 million more than last month on first quarter production and hatchery numbers, with an average price of $1.04 per pound, down $.04, steady exports, and lower imports and consumption.

Egg production is pegged at 9.223 billion dozen, a drop of 70 million following the discovery of Highly Pathogenic Avian Influenza in commercial laying flocks. The average price is estimated at $2.03 per dozen, a jump of $.23, with USDA leaving imports unchanged, raising exports, and cutting consumption.

The USDA’s next round of supply and demand estimates is out May 10th.

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