USDA Now Predicting More U-S Beef And Pork To Market This Year
The USDA’s latest World Agricultural Supply and Demand Estimates report raised it’s total red meat and poultry production for the year from last month.
Beef production is boosted largely on the pace of slaughter in the second quarter and expected relatively high feedlot marketings during the second half of the year.
Pork production is raised based on second quarter slaughter and larger expected fourth quarter slaughter.
Broiler and turkey production forecasts for 2016 are also higher this month than in the June forecast.
The 2017 pork production forecast is lower than a month ago while the beef and poultry production forecasts for 2017 remain unchanged.
The USDA’s forecast season average beef prices for both 2016 and 2017 remain unchanged at from 125-129 for this year and 118-128 for next year.
This year’s 2016 pork price projection is bumped up a dollar at the top of the range to from 48 to 50 dollars per hundredweight.
Next year’s projected average price for U-S hogs goes from June’s 42-46 dollar range to this month’s 43-46 dollars.