USDA lowers 2020 red meat, poultry production guesses
The USDA slashed 2020 U.S. meat production estimates because of processing slowdowns related COVID-19.
The estimate for commercial beef production was lowered 1.681 billion pounds to 25.764 billion, with lower imports, lower exports, lower per capita domestic consumption, and a lower average steer price, down $6.90 from April at $104.1 per hundredweight, in-line with recent cash trends.
The projection for commercial pork was reduced 1.599 billion pounds to 27.436 billion pounds, with a slight increase in imports against lower exports and consumption, but with a higher average barrow and gilt price, up $3.10 to $43.10 per hundred weight, because of the slower processing speed.
Federally inspected broiler production was cut by 1.382 billion pounds to 43.778 billion pounds and the department sees higher imports and exports, but lower consumption and a lower average price, down $.026 at $.714 per pound.
Federally inspected turkey production was down 76 million pounds at 5.834 billion pounds with slightly higher imports and exports and average price, but with a modest decline in consumption. The average price is pegged at $1.046 per pound, compared to $1.035 last month.
The USDA’s next set of supply and demand estimates is out June 11th.