News
USDA hikes most meat production outlooks
The USDA’s latest supply and demand report has a slight month to month decrease for 2021 red meat production against a modest increase in poultry.
Beef production is projected at 27.905 billion pounds, up 5 million from May, expecting a bigger cow slaughter to cancel out lower steer and heifer processing, with an average steer price of $117 per hundredweight, $.70 higher, increased imports and exports, but fractionally lower consumption.
Pork production is seen at 28.191 billion pounds, down 30 million on the month because of lower weights, with an average barrow and gilt price of $70.20 per hundredweight, $3 higher, higher imports, higher exports, and lower consumption.
Broiler production is pegged at 44.893 billion pounds, an increase of 128 million due to higher second quarter production, with an average price of $.925 per pound, down two tenths of a cent, and increased expectations for imports, exports, and consumption.
Turkey is estimated at 5.665 billion pounds, 35 million more than last month because of hatchery data and faster processing, with an average price of $1.155 per pound, $.012 higher, and steady imports, along with higher exports and consumption.
The USDA’s next set of supply and demand estimates is out July 12th.
