July 21, 2022

 

US beef output expected to drop in 2023, but pork output should rise

 


The US Department of Agriculture (USDA) Outlook Board projects that US beef production will drop by 2 billion pounds in 2023, but pork production should increase by 360 million pounds to 27.5 billion pounds of pork for next year, RFD-TV reported.

 

US beef prices are climbing due to the drop in output. Steers are expected to cost an average of US$141 per hundredweight this year, and the USDA anticipates another increase of 8.5% in 2023. More information will be uncovered when the USDA Cattle Inventory Report is released.

 

Mark Jekanowski, chairman of the USDA Outlook Board, said while pork producers are cautiously reducing output in 2022, next year production is expected to rise.

 

He said that is supported by the information from the most recent hogs and pigs report. The second half of 2022 may see an increase in farrowing intentions, which means that those hogs will probably be ready for slaughter through 2023.

 

Prices will decrease as a result of increased supply and stable demand, according to USDA estimates of a $1 per hundredweight decrease.

 

-      RFD-TV

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