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USDA cuts 2024 pork, turkey estimates

The USDA has trimmed its expectations for 2024 pork and turkey production, while raising projections for beef, broilers, and eggs.

Beef production is seen at 26.736 billion pounds, up 81 million from July on larger steer, cow, and heifer slaughter numbers, with an average steer price of $188.11 per hundredweight, $.0125 higher, with increased imports, exports, and domestic consumption.

Pork is estimated at 28.048 billion pounds, down 91 million on a slower slaughter pace and lighter average weights, with an average barrow and gilt price of $59.38 per hundredweight, and lower imports and exports against steady domestic consumption.

Broilers are projected at 46.876 billion pounds, a rise of 96 million due to production and hatchery data, with an average price of $1.288 per pound, up $.015, and a cut in imports, along with bigger exports and consumption.

Turkey production is pegged at 5.115 billion pounds, a drop of 99 million because of declines in second quarter production and hatchery numbers, with an average price of $.942 per pound, down $.015, in addition to reductions in imports, exports, and consumption.

Egg production is expected to be 9.141 billion dozen, an increase of 55 million, with an average price of $2.714 per dozen, a jump of $.35, and higher imports and exports, but with lower consumption.

For 2025, the USDA decreased beef on slower slaughter projections for the first half of the year and turkey was down due to demand concerns, with no changes for pork, broilers, or eggs.

The USDA’s next round of supply, demand, and production numbers is out September 12^th.