December 30, 2023

 

USDA report highlights December 2023 beef, pork, and poultry outlooks

 
 


The USDA's December 2023 Livestock Outlook report sheds light on the intricacies impacting the beef, pork, and poultry sectors, revealing key factors influencing production and prices, DRG News reported.

 

In the US beef sector, the report notes that higher cow slaughter and carcass weights exceeding expectations will counterbalance a decline in fed cattle slaughter in the fourth quarter of 2023. Despite this, the beef production forecast for the year remains unchanged. Anticipated heavier carcasses are expected to extend into early 2024, accompanied by increased cattle slaughter.

 

For US pork, the fourth-quarter production has been revised upward by 25 million pounds, reaching 7.09 billion pounds, a 2.4% increase compared to the same period last year. Projections estimate swine prices to average US$54 per hundredweight for the quarter, reflecting a 15% decrease from the fourth quarter of 2022. The first quarter of 2024 is expected to see swine prices of US$56 per hundredweight, slightly lower as subdued consumer pork demand is likely to persist, restricting significant price hikes.

 

For US poultry, the report adjusts the projected broiler production higher for the fourth quarter of 2023, attributing the increase to robust production figures in October.

 

-      DRG News

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