USDA’s raised its 2012 outlook for red meat and poultry production. All red meat and poultry this year is pegged at 92.194 billion pounds, up 409 million from July.
Beef’s estimated at 25.679 billion, up 405 million, with exports at 2.478 billion pounds, down 10 million on the month. Pork is seen at 23.249 million, down 66 million, with exports 8 million lower than a month ago at 5.396 billion pounds. USDA projects steer prices at $119 to $122 per hundredweight and barrows and gilts are estimated at $62 to $63.
All poultry is projected at 42.984 billion pounds, a month to month increase of 70 million, with exports at 7.896 billion pounds, a decrease of 67 million from July’s guess. Most of the total poultry production is broilers at 36.571 billion pounds, above last month, with exports at 7.078 billion pounds, below last month. Broilers are expected to range from $.82 to $.84 per pound. Turkey is pegged at 5.882 billion pounds and exports are seen at 730 million pounds, both down on the month. Turkey prices are projected at $1.06 to $1.09 per pound.