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USDA sees lower red meat production, higher poultry

The USDA lowered its 2019 commercial red meat production estimate, while raising the guess for poultry.

Beef production was down slightly on the month at 26.948 billion pounds because of a slower fed cattle slaughter pace, with steady imports and per capita consumption, at 3.03 billion pounds and 57.2 pounds per person, respectively, against slight decrease for exports and a higher average steer price. Exports are now seen at 3.126 billion pounds with an average price of $115.50 per hundredweight. Pork production was unchanged 2.578 billion pounds, with per capita consumption slightly lower at 51.7 pounds per person, along with a higher export guess to 6.58 billion pounds and slightly lower average barrow and gilt price at $49 per hundredweight. Total commercial red meat production is pegged at 54.750 billion pounds, compared to 54.756 billion in September.

Chicken production was hiked to 43.667 billion pounds because of hatchery and slaughter data, with a higher average price for broilers at $.875 per pound and higher per capita consumption to 94.3 pounds per person against a slightly lower export estimate at 7.111 billion pounds. Turkey production was modestly lower at 5.846 billion pounds on slower third quarter production, with a steady price outlook at $.885 per pound, higher exports at 637 million and steady per capita consumption guess of 16.0 pounds per person. Total commercial poultry production is seen at 104.767 billion pounds, compared to 104.603 billion a month ago.

The USDA’s next set of supply and demand estimates is out November 8th.