USDA hikes red meat, poultry production guesses
The USDA increased its’ outlook for U.S. red meat and poultry production.
Beef production is pegged at 27.7 billion pounds, up 220 million from March, on a faster than expected slaughter pace and heavier weights, and per capita consumption was also up at 57.9 pounds per person, but imports were higher, up 35 million pounds to 2.915 billion, exports were lower, down 35 million pounds at 3.265 billion, and the average steer price was cut $2.50 to $117 per hundredweight.
Pork production is seen at 28.985 billion pounds, up 100 million on the month, because of first quarter slaughter data, with lower imports and per capita consumption, at 815 million pounds and 51.6 pounds per person, respectively, a big increase in exports, up 375 million pounds to 7.75 billion, and an average barrow and gilt price of $48, $1 less than last month.
Broiler production is projected at 46.075 billion pounds, up 300 million on slaughter and hatchery numbers, with higher exports and consumption, now at 7.430 billion pounds and 99.2 pounds per person, respectively, lower imports, now seen at 131 million pounds, and an average price of $.83 per pound, down $.04.
Turkey production is expected to be 5.920 billion pounds, 30 million more than last month on slaughter and hatchery numbers, with slightly lower exports, now at 650 million pounds, slightly higher consumption, currently 15.9 pounds per person, and an average price of $1.005 per pound, unchanged on the month.
The USDA’s next set of supply and demand estimates is out April 9th.