USDA raises beef, broiler outlooks
The USDA has lowered its outlook for 2021 commercial red meat production, while increasing expectations for federally inspected poultry.
Beef production is estimated at 27.872 billion pounds, down 33 million from July due to lighter carcass weights because of higher non-fed cattle slaughter, with an average steer price of $121.20 per hundredweight, up $2 on the month, with lower exports against higher imports and per capita consumption.
Pork is pegged at 27.824 billion pounds, 327 million under a month ago because of a slower slaughter pace and lighter weights, with an average barrow and gilt price of $69.70 per hundredweight, $.30 higher, lower exports and consumption, and slightly higher imports.
Broiler chicken production is seen at 44.734 billion pounds, 41 million higher than last month following higher than expected second quarter production, with an average price of $.941 per pound, seven tenths of a cent higher, increased imports and exports and steady consumption.
Turkey production is projected at 5.659 billion pounds, up 4 million on the month, with an average price of $1.202 per pound, an increase of one cent, higher imports and consumption, and lower exports.
For now, 2021 beef and broiler production is expected to be above 2020, while pork and turkey are expected to be below a year ago.
The USDA’s next set of supply and demand estimates is out September 12th.