The report highlights that the beef production outlook has been adjusted downward due to reduced slaughter rates for steers and heifers, in addition to lighter dressed weights. Conversely, cow slaughter expectations have increased. For pork production, the projections incorporate lighter dressed weights alongside a slight rise in slaughter numbers. Broiler production is anticipated to decline, attributed to lower egg sets and persisting hatchability challenges.
Nonetheless, the adjustment in production forecasts isn’t uniform across all protein categories. Turkey production is poised to ascend, supported by updated slaughter and hatchery figures. Conversely, egg production might face a dip due to lower-than-anticipated flock productivity and a more gradual increase in pullet additions.
Looking forward to 2024, the outlook presents an overall increase in red meat and poultry production, spearheaded by amplified beef and turkey output. This growth offsets the projected decline in broiler production. The rise in beef production is attributed to elevated placements in late 2023 and early 2024, coupled with corresponding slaughter figures in 2024. Early predictions for turkey production in 2024 also indicate a modest uptick.
The report doesn’t solely address production figures; it also delves into meat imports and exports, making minor adjustments based on prevailing market dynamics and the latest data.
Cattle prices for both 2023 and 2024 have experienced an upswing due to robust demand from packers. Similarly, hog prices in 2023 have witnessed an increase, while broiler prices have undergone a reduction. Meanwhile, turkey price forecasts have been scaled down due to existing pricing trends and expected demand conditions.
