USDA Forecasting More Meat Production In 2017 With Lower Feed Costs
The USDA has cut its total red meat and poultry production estimate for this year and bumped those estimates up for next year.
The department now says increased beef and turkey production will be more than offset by lower forecast pork and broiler production this year.
It’s forecasting higher production in 2017 based on expected lower feed prices.
Cattle and hog prices for the second half of this year have been lowered.
Cattle prices are now expected to range from 124 to 127 dollars, compared to last month’s 125-129.
This year’s hog prices are now expected to run from 47 to 48 dollars, compared to last month’s 48 to 50 dollar forecast.
No change in next year’s projected cattle price – still expected to run from 118-128 dollars per hundredweight for steers.
The hog price projection is lowered by a dollar to from 42 to 45 dollars per hundredweight .