News

USDA hikes beef, poultry production expectations

The USDA has cut the 2020 pork production outlook, while raising projections for beef, broilers, and turkey.

Beef is estimated at 27.028 billion pounds, up 94 million from July, on a faster slaughter pace, with the average steer price at $107.30 per hundredweight, $.50 higher, increased imports, decreased exports, and slightly higher consumption.

Pork is pegged at 28.357 billion pounds, 179 million below a month ago on lighter average weights and expectations for a slower third quarter slaughter, with an average price of $47 per hundredweight, up $6, bigger imports and exports, and a modest reduction for consumption.

Broiler chicken production is seen at 44.668 billion pounds, 31 million above last month, with an average price of $.87 per pound, an increase of $.07, with higher imports, exports, and consumption.

Turkey production is expected to be 5.668 billion pounds, 9 million more than the month before, with an average price of $1.05 and 1/2 per pound, up two tenths of a cent, a slight increase in imports and steady exports and consumption.

The month to month changes in chicken and turkey production were because of June data.

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