The latest World Agricultural Supply and Demand Estimates report provides a comprehensive overview of the projected trends in red meat and poultry production for 2024.
U.S. beef, pork, and broiler production for 2024 is raised, with beef benefiting from heavier weights and higher slaughter, and pork from increased hog slaughter, despite a slight decline in weights.
Beef and pork exports for 2024 are raised based on strong early data, while broiler exports are lowered due to potential impacts from higher domestic prices on price-sensitive markets.
Cattle and hog prices are raised for 2024 due to strong demand, whereas turkey prices drop due to weak demand, and egg prices increase owing to tighter supplies.
In the U.S., 2024 forecasts for red meat and poultry production are adjusted upwards from previous estimates. Beef production is expected to rise due to increased slaughter rates and heavier weights. Similarly, pork production is set to increase, driven by higher hog slaughter numbers, which more than offset a slight decline in weight. Broiler production is also anticipated to grow, supported by recent production data and trends towards heavier bird weights. Conversely, turkey production sees an uplift only in the first quarter, while egg production faces a decline due to the impact of Highly Pathogenic Avian Influenza on commercial laying flocks.
The outlook for U.S. meat and poultry exports in 2024 is mixed. Beef and pork exports are projected to increase, supported by recent trade data and larger domestic supplies. However, broiler exports are expected to decrease, influenced by higher domestic prices potentially affecting trade with price-sensitive markets. Turkey exports remain unchanged, while egg exports see a slight rise based on recent trade performance.
Price forecasts for various livestock commodities reflect differing market conditions. Cattle and hog prices are projected to rise, driven by robust demand and supportive market data. Broiler prices are also expected to increase, continuing recent trends of price strength. In contrast, turkey prices are forecasted to decrease due to weak demand, whereas egg prices are expected to rise due to tighter supplies.
The 2024 outlook for the U.S. livestock and poultry sectors indicates overall increased production across most categories, with mixed impacts on exports due to varying global demand and domestic market conditions.
This detailed analysis of livestock and poultry production and market trends underscores the value of Hedgify’s platform in helping businesses effectively hedge against price fluctuations and market volatility.
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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