USDA hikes beef, pork production projections
The USDA bumped up its 2020 U.S. red meat production outlooks, while lowering expectations slightly for poultry.
Beef production was pegged at 27.238 billion pounds, up 15 million from November, on the higher slaughter pace for live cattle cancelling out lighter average weights, with an average steer price of $108.46 per hundredweight, down $0.25, with steady exports and slightly lower imports and consumption.
Pork came out at 28.336 billion pounds, an increase of 155 million, thanks to the processing pace and heavier average weights, with an average barrow and gilt price of $43.25 per hundredweight, up $.25, steady exports and modestly higher imports and consumption.
Broilers are seen at 44.56 billion pounds, down 149 million on hatchery and slaughter data, with an average price of $.735 a pound, up $.017, steady imports and lower exports and consumption.
Turkey is projected at 5.722 billion pounds, a decrease of 15 million due to slaughter numbers, with an average price of $1.059, down a half cent, steady imports, higher exports, and lower consumption.
The USDA’s early expectations for 2021 have higher production and prices for beef, pork, broilers, and turkey, with the next set of estimates out January 12th.