August 14, 2023

USDA brings down 2023 projections for US protein productions

The United States Department of Agriculture has lowered its 2023 US production projections for most major proteins.

Beef production is seen at 26.981 billion pounds, 180 million below July, due to lighter dressed weights for steers and heifers, with an average steer price of US$178.50 per hundredweight (US$3.20 higher), steady exports and lower imports and consumption.

Pork production is expected to be 27.264 billion pounds, down 107 million pounds on lower dressed weights canceling out a higher slaughter pace, with an average barrow and gilt price of US$62.20 (a jump of US$4.30), and higher imports and exports against lower consumption.

Broiler production is pegged at 46.976 billion pounds, a decline of 123 million pounds less than last month due to egg sets and hatchability, with an average price of US$1.222 per pound (US$0.062 below a month ago), larger imports, smaller exports and steady consumption.

Turkey production is estimated at 5.578 billion pounds, up 125 million pounds thanks to slaughter and hatchery data, with an average price of US$1.524 (down US$0.113) and steady imports to go with higher exports and consumption.

- Brownfield Ag News