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More meat production expected

The USDA has raised its outlook for 2019 total meat production as increases in broiler and turkey production more than offset declines in beef and pork. 

Forecasts are also raised for 2020 because of increased beef and poultry production.

Beef is now pegged at just over 27 billion pounds, with the department expecting lighter carcass weights and a slight decline in third-quarter cattle slaughter.  Exports for 2019 and 2020 were unchanged, and fed cattle prices were raised.

Pork production is projected at more than 27.6 billion pounds, on a slower than expected pace of slaughter during the third quarter.  Forecasts for 2020 production as well as exports were unchanged.  Hog prices for 2019 were lowered because of continued price pressure but unchanged for next year.

The next set of supply and demand estimates is out September 12th.

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