News

USDA cuts annual beef, pork, broiler outlooks

The USDA has lowered its 2023 red meat and poultry production expectations.

Beef production is now pegged at 26.941 billion pounds, 40 million less than August due to slower third quarter marketings, with the average steer price holding at $178.50 per hundredweight. Beef imports and domestic consumption were higher than last month, but exports fell sharply on competition for Asian markets.

Pork production is estimated at 27.159 billion pounds, down 105 million because of the slaughter pace and average weights, with an average barrow and gilt price of $59.90 per hundredweight, $0.30 lower, and lower exports against higher imports and consumption.

Broiler chicken production is seen at 46.694 billion pounds, 282 million below a month ago due to lower slaughter, placement, and weight expectations, with an average price of $1.232 per pound, up a penny, against steady imports and lower exports and consumption.

Turkey production is expected to be 5.578 billion pounds, unchanged, with an average price of $1.495 per pound, a drop of $.029, and higher imports and exports, along with steady consumption.

The USDA’s next round of supply, demand, and production numbers is out October 12^th.