The 2023 and 2024 forecasts for the red meat and poultry industries, revealing how production, imports, exports, and pricing trends are expected to shape up. With Hedgify's tools and platforms, staying ahead of these market dynamics becomes even more accessible and actionable.
Beef and pork production expected to dip in 2023.
Broiler production sees a drop, while turkey production goes up.
2024 to witness a surge in beef and turkey outputs and supply increase.
Beef exports anticipated to climb in 2024, driven by increased supplies.
The year 2023 witnesses a predicted decline in red meat and poultry production, majorly due to reduced beef, pork, and broiler outputs. However, it's not all bleak; turkey production sees a spike and cow slaughters rise, but broiler production is hindered by low hatchability and fewer eggs set.
Looking ahead, 2024's forecast shows a rebound with increased beef and turkey production. This increase is driven by higher cattle placements in late 2023 and early 2024 and an uptick in cow slaughter during the initial part of the year.
Trade remains an integral component. Beef imports for 2023 adjust according to the latest data, with exports holding steady. 2024, however, seems promising for beef exports, bolstered by an anticipated rise in beef supplies. On the poultry front, while broiler exports face a cut for both 2023 and 2024, turkey exports get a boost due to anticipated lower prices.
2023 and 2024 seem to have mixed signals for prices. While cattle prices are expected to rise due to robust packer demand, broiler and turkey prices could face a downturn. The hog price for 2023 also looks promising, but the subsequent year remains unchanged.
Understanding the ever-shifting landscape of the red meat and poultry markets is essential for strategic decision-making. With Hedgify's Price Protection Guarantee, businesses can effectively navigate these market fluctuations, ensuring stability and profitability in an unpredictable environment.
The information provided in this market insight is for general informational purposes and should not be considered as 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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