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USDA cuts 2020 pork production outlook
The USDA has lowered its 2020 U.S. pork production projection, while increasing the expectations for beef, broilers, and turkey.
Pork production is pegged at 28.157 billion pounds, down 80 million from September on a slower commercial slaughter pace during the second half of the year and lighter carcass weights, with an average barrow and gilt price of $43.25 per hundredweight, up $3.85 on the month, with a lower exports and higher imports and consumption.
Beef is seen at 27.138 billion pounds, up 90 million because of a faster than expected slaughter pace, with an average steer price of $108.71 per hundredweight, $1.41 higher, steady exports, and higher imports and consumption.
Broiler chicken production is estimated at 44.602 billion pounds, an increase of 50 million thanks to year to date production data, with an average price of $.708 per pound, down $.001, higher imports and exports, and steady consumption.
Turkey is expected to total 5.738 billion pounds, up 30 million on the month because of year to date production data, with an average price of $1.061, $.003 higher, higher imports and exports and steady consumption.
The USDA’s next set of supply and demand estimates is out November 10th.
The Link LonkOctober 10, 2020 at 02:30AM
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USDA cuts 2020 pork production outlook - brownfieldagnews.com
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