October 23, 2024
2024 US red meat and poultry production forecast increased amid shifts in sector
The forecast for red meat and poultry production in 2024 has been revised upwards, according to the US Department of Agriculture's World Agricultural Supply and Demand Estimates (WASDE), High Plains Journal reported.
The update reflects higher US beef production, which has offset lower outputs in pork and broiler.
US beef production saw an increase due to higher cattle slaughter rates and heavier dressed weights during the third and fourth quarters. In contrast, pork production was revised down due to a slower slaughter pace and reduced dressed weights. Similarly, broiler production for the third quarter was lowered, based on recent processing data, although this was counterbalanced by a higher forecast for the fourth quarter due to hatchery data.
For 2025, beef production is forecast to rise, driven by higher steer and heifer processing, particularly in the first half of the year, as well as heavier weights. Pork production is expected to increase, supported by the pig crop and farrowing intentions outlined in the September 26 Quarterly Hogs and Pigs report, indicating larger swine supplies in the first half of 2025. Broiler production is also forecast to rise, fuelled by a stronger price outlook.
The report highlighted that total egg production remains unchanged. Additionally, poultry exports are forecast to decline in both 2024 and 2025.
For the first three quarters of 2024, WASDE estimates broiler production at 47.1 million pounds. Total egg production for the same period is projected at 9.06 million dozen. The price estimates for broilers are set at 129.1 cents per pound and 269.5 cents per dozen for eggs.
Looking ahead to the first quarter of 2025, the report forecasts broiler production at 11.7 million pounds and egg production at 2.345 million dozen. The price forecasts for this period are 130 cents per pound for broilers and 225 cents per dozen for eggs.
- High Plains Journal