News

USDA lowers 2017 beef production outlook

The USDA lowered its 2017 U.S. beef production and price estimates. The USDA expects a slowdown in cattle marketings during the tail end of the year and also expects the recent price weakness to continue into 2018. Production is now seen at 26.559 billion pounds, compared to 26.699 billion in August, with a price range of $118 to $120 per hundredweight, down $2 on the month. The pork production outlook was up on the month because of expectations for increased carcass weights, while the price range was lowered on that bigger production guess. Pork production is now seen at 25.841 billion pounds, compared to 25.806 billion a month ago, with a price range of $50 to $51, $1 below the August range.

The 2017 broiler chicken production projection was lowered, from 41.488 billion pounds to 41.290 billion, with the USDA citing a slower slaughter pace and lower hatchery numbers. The expected price range was unchanged from August at $.93 to $.95 per pound. The turkey production estimate was up a little bit at 5.998 billion pounds on expectations for a higher slaughter rate and the price outlook was steady to lower at $.99 to $1.01.

The USDA made no changes to import or export projections for beef, pork, broilers, or turkey.

Egg production is projected at 8.764 billion dozen with a price range of $.87 to $.89 per dozen, both a little bit higher than in the August update.

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