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USDA raises most meat production estimates

 

The USDA has increased its 2018 U.S. beef and pork production estimates, expecting continued growth in both herds. The beef projection was raised nearly 200 million pounds to 27.760 billion pounds on that anticipated inventory growth and increased the per capita consumption guess, from 59.1 to 59.4 pounds per person, while leaving imports and exports unchanged on the month. The average steer price for this year is seen at $114 to $122 per hundredweight, compared to $121.52 in 2017. The pork production estimate was raised 45 million pounds to 26.960 billion pounds, with per capita consumption down slightly from 52.1 to 52.0 pounds per person and no changes to imports or exports. The average barrow and gilt price is projected at $46 to $49 per hundredweight, compared to $50.48 a year ago.

The USDA raised its 2018 broiler chicken production guess, while cutting the outlook for turkey. The production estimate for broilers was increased 175 million pounds to 42.450 billion pounds with the department expecting good returns on investment, bigger exports, and higher per capita consumption, from 91.9 to 92.4 pounds per person. The average broiler price is estimated at $.87 to $.94 per pound, compared to $.935 in 2017. Turkey was lowered 25 million pounds to 6 billion pounds, with the USDA anticipating a decline in per capita consumption, from 16.6 to 16.5 pounds per person. The average price is seen at $.88 to $.94 per pound, compared to just over $.96 last year.

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