News

USDA cuts most meat production projections

The USDA lowered its 2020 production estimates for beef, pork, and turkey, while raising the outlook for chicken.

Beef production is seen at 24.44 billion pounds, down from December because of lighter carcass weights, with imports and exports unchanged at 2.88 billion and 3.305 billion pounds, respectively, along with slightly lower per capita consumption at 57.2 pounds per person. The average steer price is pegged at $117 per hundredweight, up $.50 on the month.

Pork is projected at 28.645 billion pounds, with the USDA expecting a reduced slaughter in the second half of the year, while exports were unchanged at 7.1 billion pounds and imports and consumption were modestly lower at 885 million pounds and 52.5 pounds per person. The average barrow and gilt price is estimated at $54.50 per hundredweight, down $.50.

Chicken was reported at 45.4 billion pounds, above December because of recent hatchery data, with imports and exports steady at 134 million and 7.425 billion pounds, respectively, and higher consumption at 97.5 pounds per person. The average broiler price is expected to be $.865 per pound, down $.025.

The guess for turkey production is 5.91 billion pounds, slightly below the month before, with no changes to imports, exports, or consumption. Imports are estimated at 12 million pounds, exports are pegged at 680 million, and per capita consumption is expected to be 15.8 pounds per person. The average price is seen at $.90 per pound, up $.025.

The USDA’s next set of supply and demand estimates is out February 11th.