USDA hikes red meat production, cuts poultry
The USDA’s 2022 commercial beef and pork production estimates are up from May, while the federally inspected poultry outlooks are down.
Beef production is seen at 27.907 billion pounds, up 65 million on higher slaughter rates cancelling out lower average weights, with an average steer price of $140.10 per hundredweight, unchanged, and increased exports against lower imports and consumption.
Pork production is pegged at 27.219 billion pounds, 180 million higher due to the current slaughter pace, with an average barrow and gilt price of $70.60 per hundredweight, $.50 lower, and higher imports, exports, and consumption.
Broiler production is projected at 45.32 billion pounds, down 99 million because of slaughter and hatchery numbers, with an average price of $1.54 and ½ per pound, down a half a cent, and steady imports against higher exports and lower consumption.
Turkey is estimated at 5.4 billion pounds, a decline of 10 million due to slower slaughter, with an average price of $1.421 per pound, up a half a penny, unchanged imports, higher exports, and higher consumption.
The USDA’s next set of supply and demand estimates is out July 12th.