July 15, 2024

USDA projects US beef output at 26.7 billion pounds, pork at 28.1 billion pounds for 2024

The US Department of Agriculture (USDA) has increased its 2024 US red meat production forecast, while lowering the outlook for poultry.

US beef production was projected at 26.655 billion pounds, up 65 million pounds from June on expectations for higher steer and heifer slaughter to cancel out a lower cow slaughter, with an average steer price of US$186.46 per hundredweight, up US$2.85 on the month, and lower imports and consumption against higher exports.

Pork production was estimated at 28.139 billion pounds, 35 million pounds more than a month ago on heavier weights, with an average barrow and gilt price of US$59.13, down US$2.11.

Broiler production was seen at 46.78 billion pounds, 85 million pounds lower, due to second quarter slaughter data, with an average price of US$1.273 per pound, down US$.002, no change to imports, a slight increase in exports, and a cut in consumption.

Turkey production is expected to be 5.214 billion pounds, down 20 million pounds due to slaughter and hatchery numbers, with an average price of US$.957, US$.011 lower.

Egg production held at 9.086 billion dozen as changes for table and laying eggs canceled each other out, with an average price of US$2.364 per dozen, a gain of US$0.055, with higher import and export projections, against slightly lower consumption.

- Brownfield