News

USDA raises most meat production estimates

The USDA has raised its production estimates for beef, pork, and broilers.

Beef is estimated at 26.921 billion pounds, up 146 million from April on recent slaughter data and bigger first half of the year placements, with an average steer price of $166.50 per hundredweight, $.70 higher, along increased imports and exports and steady consumption.

Pork is projected at 27.381 billion pounds, 21 million higher, with an average barrow and gilt price of $56.50, down $4.50 due to demand concerns, while imports and exports were up and consumption was down.

Broiler production is seen at 47.048 billion pounds, an increase of 148 million on slaughter and hatchery data, with an average price of $1.316 per pound, $.012 higher, and gains in imports, exports, and consumption.

Turkey production is pegged at 5.404 billion pounds, 181 million lower because of hatchery numbers, with an average price of $1.715, unchanged, and bigger imports against steady exports and smaller consumption.

For 2024, USDA is projecting reduced red meat production because of expectations for tighter ready numbers, higher broiler production due to lower feed costs and limitations on alternative protein availability, and higher turkey production as the industry rebounds from Highly Pathogenic Avian Influenza.

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