News

USDA raises beef production, lowers pork, poultry

The USDA hiked its 2021 beef production outlook, while lowering the projections for pork and poultry.

Beef production is pegged at 27.58 billion pounds, up 40 million from February on expectations for higher live cattle slaughter during the first half of the year and increased placements during the second half, with an average steer price of $115 per hundredweight, unchanged on the month, steady exports, and slightly lower imports and consumption.

Pork is seen at 28.68 billion pounds, 30 million less than last month because of an anticipated slower slaughter pace, with an average barrow and gilt price of $56 per hundredweight, up $5.50, steady imports and exports, and slightly higher consumption.

Chicken is estimated at 44.78 billion pounds, 100 million below a month ago on a slower slaughter pace, with an average price of $.85 per pound, a half a cent higher, lower imports and exports, and higher consumption.

Turkey is projected at 5.69 billion pounds, 35 million under the prior month because of hatchery and slaughter data, with an average price of $1.11 and ½ per pound, a half a cent higher, and lower imports, exports, and consumption.

The USDA’s next set of supply and demand estimates is out April 9^th.