USDA cuts 2020 beef production, raises pork


USDA cuts 2020 beef production, raises pork

The USDA has lowered most 2020 commercial production estimates for red meat and poultry because of demand and production uncertainties linked to the spread of COVID-19.

Beef production was down 255 million pounds from March at 27.445 billion, with higher imports against lower exports and consumption, with the average steer price $3.50 lower at $111 per hundredweight.

Pork was up 50 million pounds at 29.035 billion because of data from the most recent inventory report and while exports were down, domestic consumption was up, with the average barrow and gilt price seen at $40 per hundredweight, a drop of $8.

Broiler chicken production is seen at 45.160 billion pounds, nearly a billion less than last month, with reduced export and consumption estimate and an average price of $.74 per pound, down $.09.

Turkey production was 10 million pounds lower at 5.91 billion with a big cut to exports, a slight increase to consumption, and an average farm price of $1.035 per pound, up $.03.

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

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