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USDA lowers red meat, poultry production outlooks
The USDA has reduced its 2016 red meat and poultry production estimates.
The USDA sees red meat at 49.864 billion pounds, expecting lower carcass weights for cattle and lighter live weights for hogs. Pork is pegged at 24.960 billion pounds with beef at 24.675 billion. The range for cattle is now $125 to $129 per hundredweight with barrows and gilts at $48 to $49.
Poultry is expected to be 47.474 billion pounds, with the month to month reduced tied to increased feed prices. Broilers are seen at 41.014 billion pounds and turkey is estimated at 5.920 billion. The price for broilers is now projected at $.88 to $.91 per pound with turkeys at $1.14 to $1.19.
The USDA also lowered its egg production estimate slightly, to 8.311 billion dozen, citing expected lower returns. The egg price is seen at $.90 to $.94 per dozen.
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