News

USDA lowers most meat production outlooks

The USDA lowered expectations for pork, broiler, and turkey production, while leaving beef steady.

Beef held at 27.905 billion pounds, with a higher processing pace cancelling out lower average weights, with an average steer price of $119.20 per hundredweight, up $2.20 from June while leaving imports steady, raising exports, and reducing per capita consumption slightly.

Pork is projected at 28.151 billion pounds, down 40 million on the month because of an expected slower second half commercial slaughter, with an average barrow and gilt price of $69.40 per hundredweight, down $.80 on the month, steady imports and exports, and slightly lower consumption.

Broilers are pegged at 44.693 billion pounds, 200 million less than last month due to a slowdown in processing, with an average price of $.934 per pound, up nine tenths of a cent, higher imports and exports, and a modest decrease in consumption.

Turkey production is seen at 5.655 billion pounds, a decline of 10 million also due to slower second half processing, with an average price of $1.192 per pound, a jump of $.037, increased exports, in addition steady imports and consumption.

The USDA’s next set of supply and demand estimates is out August 12^th.