September 14, 2023
USDA lowers 2023 red meat and poultry production projections
The US Department of Agriculture (USDA) has revised its production expectations for red meat and poultry in 2023, citing various factors affecting each sector, Brownfield Ag News reported.
The USDA has adjusted its estimate for beef production to 26.941 billion pounds, reflecting a decrease of 40 million pounds compared to the August projection. This downward revision is attributed to slower marketings in the third quarter.
The average price for steers remains steady at US$178.50 per hundredweight. While beef imports and domestic consumption have increased since the previous month, exports have declined significantly, primarily due to intensified competition in Asian markets.
The USDA's estimate for pork production in 2023 now stands at 27.159 billion pounds, representing a reduction of 105 million pounds from the previous projection. This adjustment takes into account the slaughter pace and average weights observed.
The average price for barrow and gilt is slightly lower at US$59.90 per hundredweight, down US$0.30. Pork exports have decreased, while imports and domestic consumption have risen.
The USDA has lowered its estimate for broiler chicken production to 46.694 billion pounds, a decline of 282 million pounds compared to the previous month's projection. This reduction is attributed to lower expectations for slaughter, placement, and weight.
The average price per pound for broiler chickens has increased by a penny to US$1.232. Imports remain stable, while exports and consumption have decreased.
The USDA is scheduled to release its next set of supply, demand, and production figures on October 12, 2023.
- Brownfield Ag News
