June 18, 2024

USDA forecasts increased pork, poultry production

The latest forecasts from the US Department of Agriculture (USDA) revealed changes in production estimates for pork, broiler, beef, and eggs for 2024, signalling varying trends across the livestock sector including higher pork and poultry production, Brownfield Ag News reported.

Beef production is anticipated to reach 26.59 billion pounds, slightly lower than May's projections due to increased dressed weights offsetting lower slaughter rates. The average steer price is forecasted at US$184.01 per hundredweight, up US$0.50 from previous estimates, with no adjustments to imports, exports, or consumption figures.

Meanwhile, pork production is expected to rise to 28.104 billion pounds, up by 40 million pounds driven by accelerated slaughter rates and heavier weights. The average price for barrow and gilt is estimated at US$61.24 per hundredweight, reflecting a decrease of US$1.25. Imports and exports are projected to increase while domestic consumption is expected to decline.

Broiler production estimates have been revised upward to 46.865 billion pounds, a 60 million pound increase influenced by higher weights and updated hatchery data. The average price per pound is set at US$1.275, a half-cent rise, accompanied by reductions in imports and exports and a slight uptick in consumption.

Egg production is expected to decline to 9.086 billion dozen, a reduction of 144 million dozen attributed to the impact of highly pathogenic avian influenza. The average price per dozen is projected to increase to US$2.309, a jump of US$0.325. Imports are expected to rise while exports and consumption are forecasted to decrease.

The USDA will release its next set of supply and demand estimates on July 12, 2024.

-      Brownfield Ag News