News

USDA lowers most meat production outlooks

The USDA has lowered outlooks for 2021 red meat and poultry production slightly.

Beef production is pegged at 27.190 billion pounds, down 70 million from December, on lower placements late in 2020 and lighter average weights, with higher exports and slightly lower imports and per capita consumption. The average steer price is estimated at $115.50 per hundredweight, compared to $115 in December and $108.51 for 2020.

Pork is seen at 25.565 billion pounds, up 55 million on the month on expectations for ample market ready numbers to cancel out lighter weights, with lower exports, steady imports, and higher domestic consumption. The average barrow and gilt price is estimated at $49.5 per hundredweight, compared to $47 in December and $43.18 for 2020.

Broiler production is projected at 44.87 billion pounds, a decrease of 175 million because of higher feed costs, with imports and exports unchanged and a cut in consumption. The average broiler price is estimated at $.81 per pound, compared to $.80 in December and $.732 for 2020.

Turkey production is expected to be 5.725 billion pounds, a decline of 30 million from last month on higher feed costs, with steady imports and exports and fractionally lower consumption. The average turkey price is estimated at $107.5 per pound, compared to $1.06 in December and $1.065 for 2020.

The USDA’s next set of supply and demand estimates is out February 9^th.