The latest World Agricultural Supply and Demand Estimates report released Tuesday by the U.S. Department of Agriculture predicts lower red meat and poultry production due to lower beef and pork production forecasts.
Beef production is lowered on the current pace of cattle slaughter and lighter carcass weights. The pork production forecast is lowered on smaller-than-anticipated hog slaughter this quarter although partly offset by higher carcass weights. The broiler forecast was raised on a revision to third-quarter production data. The turkey production forecast is unchanged from the previous month. The egg production forecast is lowered on recent hatchery data.
For 2018, the total red meat and poultry forecast is lowered from last month on lower expected beef and pork production. Beef production is forecast lower, reflecting slightly lighter carcass weights in 2018. Pork production was reduced as fractionally heavier first-quarter carcass weights only partially offset smaller-than-expected hog slaughter. USDA will release its Quarterly Hogs and Pigs report on December 22 which will provide an indication of producers’ farrowing intentions into the first half of 2018. Broiler and turkey production forecasts are unchanged from the previous month. The egg production forecast is raised for 2018.
The milk production forecast is lowered for 2017 on slower growth in milk per cow. The slower growth in milk per cow is expected to carry into 2018 and combined with an expected slower rate of growth in cow numbers, the 2018 milk production forecast is lowered.
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