USDA raises beef, broiler production projections
The USDA has increased 2022 production expectations for red meat and poultry, with bigger outlooks for beef and broilers cancelling out declines for pork and turkey.
Beef production is seen at 27.842 billion pounds, up 132 million from April, due to larger than expected placements pushing up slaughter rates, with an average steer price of $140.10 per hundredweight, $.60 higher, and larger exports, imports, and per capita consumption.
Pork is pegged at 27.039 billion pounds, down 36 million on lighter average weights, with an average barrow and gilt price of $71.10 per hundredweight, $1.90 lower, and an increase in imports against decreases for exports and consumption.
Broiler production is estimated at 45.4119 billion pounds, a jump of 219 million because of hatchery and slaughter data, with an average price of $1.55 per pound, a gain of $.07, and higher imports, exports, and consumption.
Turkey production is projected at 5.359 billion pounds, a drop of 111 million due to hatchery and slaughter numbers, with an average price of $1.416 per pound, up $.056, and higher imports along with lower exports and consumption.
The USDA’s next set of supply, demand, and production numbers is out June 10th.