USDA’s World Agricultural Supply and Demand Estimates (WASDE) report released today lowered the forecast for total meat production from last month per 2017 but raised it for 2018.
Broiler production for 2017 is lowered on the pace of second-quarter slaughter. No changes are made to outlying quarters or the 2018 forecast. No changes were made to the 2017 broiler export forecast.
Beef production for 2017 is lowered primarily on lighter carcass weight, which more than offset higher expected slaughter in the later part of 2017. Higher expected placements support a higher 2018 beef forecast.
Pork production for 2017 is lowered on the current pace of second-quarter slaughter and lighter carcass weights. No changes are made to the 2018 production forecast.
Turkey production in the second quarters of 2017 is reduced on the current pace of slaughter, and third-quarter production is lowered as weak demand is expected to limit the rate of expansion. No changes are made to the 2018 turkey forecast. The turkey export forecast was lowered on continued demand weakness.
Broiler prices are raised for 2017 and first quarter 2018 on expectations of continued strong demand. Cattle and hog prices for 2017 are raised from last month on price strength to date and continued price strengths in the third quarter. Cattle prices are unchanged for 2018, while hog prices are raised on expected strong packer demand next year. Turkey prices are reduced for 2017 and 2018 on weaker-than-expected demand.
To read the complete WASDE report, click here https://www.usda.gov/oce/commodity/wasde/latest.pdf
