The USDA has raised its expectations for 2023 red meat production, while cutting the outlook for poultry.
Beef production is estimated at 26.976 billion pounds, 35 million more than September as the USDA expects higher second half cow and bull slaughter to mostly cancel out smaller third quarter steer and heifer slaughter. The USDA also raised its import guess and consumption, while lowering exports, and the average annual steer price, which is now estimated at $177.30 per hundredweight, $1.20 under a month ago.
Pork production is pegged at 27.289 billion pounds, an increase of 130 million on slaughter data and the upward revision for the 2023 pig crop, with larger imports and consumption against smaller exports, and an average barrow and gilt price of $59.70 per hundredweight, down $0.30.
Broiler production is seen at 46.494 billion pounds, a decrease of 200 million due to slaughter and hatchery rates, with cuts to imports and consumption, a gain in exports, and an average price of $1.24 per pound, up $.008.
Turkey production is projected at 5.548 billion pounds, down 30 million because of production numbers, with lower imports and consumption, along with higher exports, and an average price of $1.449, $.046 less than last month.
The USDA’s next set of supply, demand, and production estimates is out November 9th.
