The USDA's latest WASDE report projects an increase in U.S. red meat and poultry production for 2024, driven by higher forecasts for beef, pork, and broiler production. While certain price forecasts have been adjusted based on recent data, overall meat and poultry supplies are set to rise, signaling robust domestic and global demand.
U.S. red meat and poultry production is forecast to rise in 2024, driven by higher beef, pork, and broiler outputs.
Global beef demand supports increased U.S. beef imports and exports, with pork exports raised for 2024.
Cattle and broiler prices are lowered for the second half of 2024, while egg prices are forecast to rise into 2025 due to tighter supplies.
Beef imports are expected to increase in both 2024 and 2025, supported by strong domestic demand and supply availability from Oceania and South America. Beef exports are also raised for both years, reflecting robust global demand, while pork exports are raised for 2024. Broiler exports are slightly reduced for 2024, and turkey exports see a modest increase.
Cattle and broiler prices for the second half of 2024 are lowered based on current market trends, with the broiler price forecast for 2025 seeing a slight increase. Turkey prices are expected to decline in 2024 and into 2025, while egg prices are raised due to tighter supplies, with higher prices likely extending into 2025.
The overall outlook for 2024 indicates rising red meat and poultry production, with strong domestic and global demand keeping the market well-supported. However, price adjustments reflect a more competitive environment, particularly for beef and poultry, as producers respond to shifting market 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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