News

USDA raises chicken outlook, lowers beef, pork

The USDA has lowered 2019 commercial beef and pork production outlooks, with the department expecting slower slaughter paces in the second half of the year.

Beef is now seen at 27.204 billion pounds, with a higher import guess, a lower export estimate, and no change to per capita consumption at 57.7 pounds per person. The average steer price is pegged at $117 per hundredweight, down $.50 from May.

Pork production is estimated at 27.288 billion pounds, with a sharply higher export guess after Mexico ended tariffs on U.S. pork, along with lower imports and a reduced per capita consumption guess at 51.4 pounds per person, compared to 52.1 a month ago. The average barrow and gilt price is projected at $53.50 per hundredweight, a dollar less than last month.

The USDA has increased it’s commercial broiler chicken production outlook, while lowering the guess for turkey because of recent hatchery and production data.

Broiler production is now expected to be 43.034 billion pounds this year, with no changes to trade data and slightly higher per capita consumption at 92.9 pounds per person. The 2019 price projection for broilers is now $.90 per pound, a month to month decrease of $.03.

Turkey production is pegged at 5.876 billion pounds, with no changes to imports or exports and a fractional increase in consumption at 16.1 pounds per person. The average price is seen at $.86 per pound, a half a cent higher than in May.

Total commercial red meat production for 2019 is estimated at 54.719 billion pounds with poultry projected at 49.449 billion, for a combined total of 104.167 billion pounds. The USDA’s commercial red meat production numbers for May are out Thursday, June 20th, with cold storage numbers scheduled for Friday, June 21st and poultry production numbers for May due Monday, June 24th.