USDA cuts pork production outlook, hikes beef
The USDA has reduced 2021 production expectations for pork, chicken, and turkey, and raised the outlook for beef.
Beef production is now pegged at 27.9 billion pounds, up 260 million from April on higher slaughter rates, with an average steer price of $116.30 per hundredweight, $.30 higher, and increases in imports, exports, and consumption.
Pork is estimated at 28.221 billion pounds, down 54 million due to lower carcass weights, with an average barrow and gilt price of $67.20, a jump of $1.70, slightly higher imports, a big jump in exports, and a modestly reduction in consumption.
Broiler production is seen at 44.765 billion pounds, 15 million lower due to higher feed prices, with an average price of $.927 per pound, a gain of just over $.08, higher imports, higher exports, and steady consumption.
Turkey production is projected at 5.630 billion pounds, a decline of 25 million because of feed costs, with an average price of $1.143 per pound, up a little more than $.02, lower exports and unchanged expectations for imports and consumption.
For 2022, the USDA is anticipating lower beef and broiler production, higher pork and turkey production, along with price gains for beef, broilers, and turkey, and a loss for pork.
The USDA’s next set of supply and demand estimates is out June 10th.