The USDA’s latest WASDA report offers a detailed forecast for the U.S. red meat and poultry market in 2024, highlighting minor adjustments in production across various segments.
U.S. beef production for 2024 is raised with higher expected steer and heifer slaughter, while broiler and turkey production are lowered based on recent data.
Pork production is forecasted to rise in 2024 and 2025, reflecting increased weights and farrowing intentions.
Beef exports for 2024 are raised on stronger demand, while pork exports are lowered; turkey exports for 2025 are raised due to expected improved demand.
The total U.S. red meat and poultry production forecast for 2024 is slightly lowered from last month. This adjustment is due to reduced broiler and turkey production, which more than offset higher beef and pork production. Beef production is expected to rise with increased steer and heifer slaughter, while pork production is up based on higher weights in the second half of the year. Conversely, broiler and turkey production forecasts are reduced due to lower-than-expected second-quarter data and recent hatchery reports.
For 2025, beef production is forecasted to increase with higher steer and heifer slaughter, partially offset by lower cow slaughter. Pork production is expected to rise, reflecting producers' farrowing intentions and modest growth in the first-half 2025 pig crop. Broiler and turkey production forecasts are lowered due to slower growth rates and weaker producer returns, respectively. Egg production remains unchanged.
Beef imports for 2024 are reduced due to expected global competition, while beef exports are raised based on stronger demand in key markets. Pork exports for 2024 are lowered based on recent trade data, with no changes for 2025. Broiler export forecasts for 2024 are slightly raised, reflecting recent trade data, while turkey export forecasts are lowered for 2024 and raised for 2025 due to expected improved demand.
The overall outlook for 2024 shows a mixed trend in meat production, with some segments experiencing growth while others face reductions. Cattle prices are raised based on firm demand, and this strength is expected to continue into 2025. Hog prices are lowered for both years, while broiler and turkey price forecasts reflect recent data and expectations of future supply conditions.
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The information provided in this market insight is for general informational purposes and should not be considered financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.
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