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USDA raises 2020 beef, pork production outlooks

The USDA has increased 2020 production projections for most major proteins.

Beef was up 40 million pounds at 24.480 billion on higher rates of slaughter and heavier weights, but the kill pace is expected to decline in the second half of the year because of tighter market ready numbers. The USDA lowered exports slightly, increased per capita beef consumption slightly, and sees the average steer price at $117 per hundredweight, $.50 less than in January.

Pork production was 240 million pounds above a month ago at 28.885 billion on expectations for higher slaughter rates and heavier carcass weights, also increasing exports by 275 million pounds to 7.375 billion, while cutting imports and per capita pork consumption. The average barrow and gilt price is pegged at $49 per hundredweight, a drop of $5.50 on the month.

Broiler production was 375 million pounds higher at 45.775 billion with the USDA citing recent hatchery data and also raising the per capita consumption projection, while increasing the price outlook a half a penny to $.87 per pound.

Turkey production was down 20 million pounds at 5.89 billion, also on hatchery data, with lower exports, but also lower ending stocks, with the average price seen at $1.005, eight cents more than last month.

Livestock and poultry slaughter numbers for January are out later this month, on the 20th and 24th, respectively.

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