USDA increases 2020 beef, pork expectations


USDA increases 2020 beef, pork expectations

The USDA made month to month increases for 2020 production projections for beef, pork, and broiler chickens.

Beef was raised 260 million pounds on the month to 26.934 billion because of higher slaughter rates and heavier carcass weights, lowering the average steer price outlook by $1.80 to $106.80 per hundredweight, with lower exports and higher imports and domestic consumption.

Pork came out at 28.536 billion pounds, up 770 million from June, with the USDA expecting a higher third and fourth quarter slaughter numbers, slashing the average barrow and gilt price $3.50 to $38.90 per hundredweight and increasing imports, exports, and per capita consumption.

Broiler chicken production is pegged at 44.637 billion pounds, 600 million higher than a month ago because of hatchery data, with a fractionally higher average price at $.70 per pound, modestly lower exports and higher consumption.

Turkey production was lowered 90 million pounds to 5.679 billion, also because of hatchery data, with a fractional increase in the average price to just over $1.05 per pound, lower exports, and a slight reduction in consumption.

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