November 12, 2012

USDA's 2012 red meat, poultry production forecast increases

As higher broiler and turkey production more than offsets lower red meat production, USDA, in its monthly World Agricultural Supply & Demand Estimates report for November, said its forecast for 2012 red meat and poultry production was increased from last month.

The USDA did lower its forecast for 2013 red meat and poultry production from last month, largely reflecting lower beef and pork production, though it sees broiler production up slightly from its prior view. Its view of cattle prices were raised for both 2012 and 2013, reflecting tight supplies of fed cattle, and broiler prices were raised for both 2012 and 2013 as well, with the USDA citing stronger than expected demand.