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USDA 2023, 2024 beef production outlooks rise

The USDA has increased expectations for 2023 beef production, while lowering projections for pork, broilers, and turkey.

Beef production is seen at 27.086 billion pounds, 165 million more than in May on higher slaughter rates, with an average steer price of $171.70 per hundredweight, $5.20 above a month ago, slightly higher consumption, and steady trade numbers.

Pork is estimated at 27.376 billion pounds, 5 million less than last month due to processing pace expectations, with an average barrow and gilt price of $56.70, $.20 higher, lower consumption, and unchanged imports and exports.

Broilers are pegged at 46.899 billion pounds, a decline of 149 million on slaughter and hatchery data, with an average price of $1.301 per pound, down $.015, slightly higher imports, steady exports, and lower consumption.

Turkey production is expected to be 5.383 billion pounds, 21 million lower because of hatchery numbers, with an average price of $1.68 per pound, $.035 lower, no change to imports or exports, and a fractional decrease for consumption.

For 2024, the USDA raised its’ beef production and average price projections, while leaving pork, broilers, and turkey unchanged. Next year’s beef production is seen at 24.795 billion pounds, a jump of 50 million on placement expectations, with an average steer price of $180 per hundredweight, $8 higher.

The USDA’s next set of supply and demand estimates is out July 12^th.