USDA increases 2024 beef, egg production estimates

The USDA has raised its 2024 beef and egg production outlooks, while lowering expectations for pork, broilers, and turkey.

Beef is pegged at 26.595 billion pounds, up 140 million from April on heaver dressed weights and an estimated higher slaughter pace in the second half of the year, with an average steer price of $183.51 per hundredweight, down $1.50, and lower imports, along with higher imports and consumption.

Pork is seen at 28.064 billion pounds, 26 million less than last month, due to a faster processing pace partially canceled out by lower dressed weights, with an average barrow and gilt price of $62.49, $.50 lower, and reductions in imports and exports against slightly higher consumption.

Broilers are projected at 46.805 billion pounds, down 295 million on the month because of first half slaughter data, with an average price of $1.27 per pound, a decline of $.022, and steady imports along with lower exports and consumption.

Turkey production is estimated at 5.214 billion pounds, 161 million lower on slaughter data, hatchery numbers, and poor returns, with an average price of $.953, a drop of $.09, and unchanged imports in addition to cuts in exports and consumption.

Egg production is expected to be 9.23 billion dozen, an increase of 7 million, with an average price of $1.984 per dozen, down $.05, and higher exports, but with lower consumption.

In the first round of guesses for 2025, the USDA sees increased pork, poultry, and egg production, but a decrease for beef because of tighter supplies leading to increases in cow and heifer retention.

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

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