USDA ups red meat production, cuts poultry
The USDA has increased its 2021 red meat production outlook, while lowering expectations for poultry.
Beef production is seen at 27.895 billion pounds, up 10 million from November due to higher fed cattle slaughter rates and heavier carcass weights, with an average steer price of $122.56 per hundredweight, a gain of $1.25, steady exports and higher imports and consumption.
Pork production is pegged at 27.733 billion pounds, 55 million more than last month because of the recent slaughter pace, with an average barrow and gilt price of $67.45, down $.25, a cut in exports and an increase for imports and consumption.
Broiler production is estimated at 44.730 billion pounds, 98 million lower due to hatchery and slaughter data, with an average price of $1.004 per pound, seventh tenths of a cent higher than last month, higher imports, steady exports, and lower consumption.
Turkey production is expected to be 5.592 billion pounds, down 20 million, with an average price of $1.221 per pound, one cent less than a month ago, and steady imports along with lower exports and consumption.
For 2022, the USDA is projecting year-to-year declines for red meat production against bigger poultry production.
The USDA’s next set of supply and demand estimates is out January 12th.