USDA beef production guess up on month

The USDA has raised its 2024 beef production guess, while lowering outlooks for pork, broilers, turkey, and eggs.

Beef is now seen at 27 billion pounds, up 205 million from September on faster processing and heavier dressed weights, with an average steer price of $186.18 per hundredweight, $1.07 higher, and increased imports and consumption against decreased exports.

Pork is pegged at 27.948 billion pounds, down 105 million because of a slower slaughter pace and lighter average weights, with an average barrow and gilt price of $59.80 per hundredweight, up $.42, no change to imports and cuts to exports and consumption.

Broilers are estimated at 47.084 billion pounds, 25 million lower based on slaughter numbers, with an average price of $1.291 per pound, up $.011, steady imports, and minor changes to exports and consumption.

Turkey is projected at 5.11 billion pounds, a decline of 20 million due to production and hatchery numbers, with an average price of $.938 per pound, up one tenth of a cent, and higher imports with no adjustments to exports or consumption.