The 2024 forecast for U.S. red meat and poultry production has been revised downward from last month, with variations across different categories.
Key Points,
U.S. beef production is slightly up for 2024, while pork production is down due to reduced slaughter and lighter weights.
Broiler production rises, but turkey production is cut, leading to reduced turkey export forecasts for 2024.
Cattle, broiler, and egg prices are expected to increase for late 2024 and early 2025, while turkey prices are forecast to decline.
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U.S. beef production is raised for 2024 due to higher slaughter rates, but pork production is reduced due to lower slaughter numbers and lighter weights. Broiler production is increased based on stronger recent data, while turkey production is lowered due to weaker second-quarter results. Egg production is raised.
Beef production for 2025 is expected to decrease due to lower slaughter rates in early 2025. Turkey production is also reduced, aligning with a downward revision in turkey price forecasts. Production forecasts for pork, broilers, and eggs remain unchanged from last month.
Beef imports for 2024 are expected to increase, reflecting strong trade data, while beef exports are also forecasted to rise due to sustained global demand. Pork exports are revised downwards for both 2024 and 2025, due to reduced competitiveness. Broiler exports are up for 2024, but turkey exports are lowered following production cuts.
Cattle prices are raised for the remainder of 2024 and into early 2025, driven by stronger demand. Hog prices are adjusted upwards for late 2024 but are lowered for 2025. Broiler prices are raised for the latter half of 2024 and early 2025, while turkey prices are reduced for the same periods. Egg prices see an upward revision for late 2024 and early 2025 due to tighter inventories.
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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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