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USDA cuts pork production guess, raises price outlook
The USDA has lowered its 2021 red meat and poultry production outlooks, primarily on a reduction for pork production.
Pork is now seen at 28.275 billion pounds, down 405 million from March, with the USDA expecting a slower slaughter pace through the end of the year, with an average barrow and gilt price of $65.50 per hundredweight, a jump of $9.50, higher imports and exports, and lower consumption.
Beef is pegged at 27.64 billion pounds, up 60 million on a projected increase in processing during the second half of the year, with an average steer price of $116, $1 higher, lower imports, steady exports, and slightly higher consumption.
Broiler production is estimated at 44.78 billion pounds, unchanged on the month, with an average price of $.85 per pound, down a half a cent, lower imports, steady exports, and slightly higher consumption.
Turkey production is expected to be 5.655 billion pounds, 35 million lower because of hatchery data, with an average price of $1.12 per pound, a half cent higher, an increase in exports, and decreases for imports and consumption.
The USDA’s red meat production numbers for March are out on the 22nd, with poultry production numbers scheduled for the 23rd.
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