USDA bumps up beef, broiler, pork projections

The USDA has increased outlooks for 2020 beef, pork, and broiler production.

Beef production is expected to be 27.223 billion pounds, 85 million higher than in October on a faster slaughter pace for both fed and non-fed cattle, with an average steer price of $108.71 per hundredweight, steady on the month, and higher imports, exports, and per capita consumption.

Pork is pegged at 28.181 billion pounds, up 24 million because of a higher slaughter rate, with an average barrow and gilt price of $43 per hundredweight, down $.25, and higher imports and consumption, but with a reduction in exports.

Broiler production is seen at 44.709 billion pounds, a jump of 107 million on larger fourth quarter production, with an average price of $.718, one cent higher, and increased imports, exports, and consumption.

Turkey is estimated at 5.737 billion pounds, 1 million lower on slower fourth quarter production, with an average price of $1.064, three tenths of a cent more than a month ago, higher imports and exports, along with steady consumption.

The USDA’s next set of supply and demand estimates is out December 10th.

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