USDA reduces 2023 pork guess

The USDA made a slight downward adjustment for 2023 pork production, while increasing outlooks for beef, broilers, and turkey.

Pork production is now pegged at 27.371 billion pounds, down 5 million from June due to slower second and third quarter slaughter projections, with an average barrow and gilt price of $57.90 per hundredweight, up $1.20, and higher imports and exports against lower per capita consumption.

Beef production is estimated at 27.161 billion pounds, an increase of 75 million on slaughter data, with an average steer price of $175.30 per hundredweight, a gain of $3.60, and higher imports, along with slightly lower exports and consumption.

Broiler production is expected to be 47.099 billion pounds, a rise of 200 million because of slaughter numbers, with an average price of $1.284, down $0.017, and higher imports and consumption in addition to steady exports.

Turkey production is projected at 5.453 billion pounds, 70 million higher, on slaughter and hatchery data, with an average price of $1.637, a drop of $0.043, and higher imports, exports, and consumption.

Additionally, the USDA expects lower red meat production and higher poultry production in 2024.

The USDA’s next set of supply, demand, and production numbers is out August 11th.

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