News
USDA hikes beef, pork, chicken production
The USDA has raised its’ 2020 production outlooks for beef, pork, and chicken as slaughter capacity rises following closures related to COVID-19.
Beef is pegged at 26.674 billion pounds, up nearly a billion from May, with an average steer price estimate of $108.60 per hundredweight, compared to $104.10, an increase in imports, but a bigger increase in exports, and higher per capita consumption.
Pork is seen at 27.766 billion pounds, about 300 million above last month, with an average barrow and gilt price of $42.40 per hundredweight, compared to $43.10, and a higher consumption estimate.
Chicken production is expected to be 44.037 billion pounds, just over a quarter million larger than a month ago, with an average price of $.699 per pound, lower imports and higher consumption.
Turkey is projected at 5.769 billion pounds, down slightly on the month, with an average price of $1.049 per pound and fractionally lower consumption.
The USDA’s next set of supply and demand estimates is out July 10th.
