News

USDA raises most meat production estimates

The USDA has raised its 2024 beef, pork, and broiler production projections.

Beef is estimated at 26.325 billion pounds, up 140 million from February on expectations for a higher slaughter rate the rest of the year, with an average steer price of $183 per hundredweight, $3 higher, increased imports and consumption and steady exports.

Pork is projected at 27.91 billion pounds, 30 million higher due to a faster processing pace canceling out lower weights, with an average barrow and gilt price of $61 per hundredweight, up $1, and increased exports against decreased imports and consumption.

Broiler production is pegged at 46.875 billion pounds, a rise of 100 million on first quarter placement and slaughter data, along with an anticipated decline in feed costs. The average broiler price is estimated at $1.27 per pound, unchanged, with steady imports, lower exports, and higher consumption.

Turkey is seen at 5.37 billion pounds, down 25 million due to recent production numbers, with an average price of $1.08 per pound, a penny higher, and cuts to imports and consumption against a rise in exports.

Egg production is expected to be 9.293 billion dozen, 12 million under last month because of hatchery numbers, with an average price of $1.80 per dozen, down $.03, and no changes to imports, exports, or hatching use.

The USDA’s next set of supply and demand estimates is out April 11^th.