USDA raises 2023 pork, broiler estimates

The USDA’s 2023 meat production projection adjustments were mixed.

Beef came out at 26.932 billion pounds, unchanged from November, on higher average weights canceling out a slower slaughter pace, with an average steer price of $175.55 per hundredweight, down $1.75, higher imports, lower exports, and steady consumption.

Pork was pegged at 27.242 billion pounds, 25 million more than a month ago due to processing numbers, with an average barrow and gilt price of $58.70 per hundredweight, $.25 lower, and increased imports, exports, and consumption.

Broiler production is estimated at 46.373 billion pounds, 164 million higher because of hatchery and slaughter data, with an average price of $1.235 per pound, three tenths of a cent lower, and upward revisions for imports, exports, and consumption.

Turkey production is seen at 5.462 billion pounds, a decrease of 38 million on slower processing speed, with an average price of $1.406 per pound, down $.018, with declines for imports, exports, and consumption.

For 2024, the USDA is anticipating higher pork, broiler, and turkey production, lower beef production, and steady to lower red meat and poultry prices.

The USDA’s next set of supply and demand estimates is out January 12th.

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