News

USDA raises 2019 pork guess, lower beef outlook

The USDA has lowered its commercial beef production outlook for 2019, while raising the projection for pork.

Beef is now pegged at 27.129 billion pounds, with the department expecting lighter carcass weights and a slight decline in third quarter steer and heifer slaughter, while also lowering exports to 3.151 billion and per capita consumption slightly to 57.6 pounds per person. Pork production is projected at 27.648 billion pounds, on an anticipated faster pace of production in the second half of the year, with a lower export guess at 6.441 billion and higher per capita consumption to 52.3 pounds per person.

The USDA also reduced the steer and barrow and gilt price estimates $2 each, now at $122 for steers and $51.50 for barrows and gilts, because of recent price weakness.

The next set of supply and demand estimates is out August 12th.