News

USDA projecting larger beef, broiler, turkey production

The USDA has increased its expectations for 2022 beef, broiler, and turkey production, while decreasing the annual outlook for pork.

Commercial beef production is pegged at 28.417 billion pounds, up 70 million from November due to slaughter data and heavier carcass weights, with an average steer price of $144.15 per hundredweight, unchanged on the month, and steady imports against higher exports and consumption.

Pork is seen at 27.061 billion pounds, down 60 million because of lighter carcass weights, with an average barrow and gilt price of $71.33 per hundredweight, steady with last month, and lower imports and exports, along with no change to consumption.

Federally inspected broiler production is projected at 46.095 billion pounds, a jump of 121 million pounds on slaughter and hatchery data, with an average price of $1.409 per pound, unchanged from a month ago, and no change to imports, but with higher exports and consumption.

Turkey production is estimated at 5.213 billion pounds, 25 million more than the last guess thanks to slaughter and hatchery numbers, with an average price of $1.547 per pound, seven tenths of a cent lower, and steady exports in addition to modest gains in imports and consumption.

For 2023, the USDA is projecting increases for pork, broilers, and turkey, but a decrease in beef.

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