June 15, 2023

USDA expects higher US beef production, lower pork, broiler output in 2023

The United States Department of Agriculture (USDA) has increased expectations for 2023 US beef production, while lowering projections for pork, broilers and turkey.

The United States' beef production is seen at 27.086 billion pounds, 165 million more than in May on higher slaughter rates, with an average steer price of US$171.70 per hundredweight, (US$5.20 above a month ago), slightly higher consumption and steady trade numbers.

Pork is estimated at 27.376 billion pounds, five million less than last month due to processing pace expectations, with an average barrow and gilt price of US$56.70 (US$0.20 higher), lower consumption and unchanged imports and exports.

Broilers are pegged at 46.899 billion pounds, a decline of 149 million on slaughter and hatchery data, with an average price of US$1.301 per pound (down US$.015), slightly higher imports, steady exports and lower consumption.

Turkey production is expected to be 5.383 billion pounds (21 million lower due to hatchery numbers), with an average price of US$1.68 per pound (US$.035 lower), no change to imports or exports and a fractional decrease for consumption.

For 2024, the USDA raised its beef production and average price projections, while leaving pork, broilers and turkey unchanged.

Next year's US beef production is seen at 24.795 billion pounds, a jump of 50 million pounds on placement expectations, with an average steer price of US$180 per hundredweight, US$8 higher.

The USDA's next set of supply and demand estimates is out July 12.

- Brownfield Ag News