The United States Department of Agriculture (USDA) has updated its projections for meat production in 2023, indicating an uptick in red meat production while forecasting a decrease in poultry.
Beef production is now estimated to reach 26.976 billion pounds, an increase of 35 million pounds from the September forecast. This revision is based on anticipated higher cow and bull slaughter rates in the latter half of the year, which are expected to balance out a reduced slaughter of steers and heifers in the third quarter.
The USDA has also adjusted its predictions for beef imports and domestic consumption upwards, with a decrease in export expectations. The average annual steer price is projected at $177.30 per hundredweight, a decrease of $1.20 from the previous estimate.
Pork production has been adjusted to 27.289 billion pounds, an increase of 130 million pounds based on recent slaughter data and revised expectations for the 2023 pig crop.
The USDA expects pork imports and consumption to rise, while exports are forecasted to fall. The average price for barrows and gilts is now set at $59.70 per hundredweight, down $0.30.
Conversely, broiler production estimates have been reduced to 46.494 billion pounds, a decrease of 200 million pounds due to changes in slaughter and hatchery rates.
The USDA has cut its projections for broiler imports and consumption, though export figures are projected to increase. The average price for broilers is now pegged at $1.24 per pound, an increase of $0.008.
Turkey’s production is also expected to decline by 30 million pounds to 5.548 billion pounds, according to recent production data.
The USDA anticipates lower turkey imports and consumption, but an increase in exports. The average turkey price is now estimated at $1.449 per pound, $0.046 less than the previous month’s projection.
The USDA is set to release its next detailed supply, demand, and production estimates on November 9th.
