The USDA has increased its 2021 red meat and poultry production projections.
Beef is pegged at 27.885 billion pounds, up 53 million from October, expecting higher fed cattle slaughter and average weights, with an average steer price of $121.31 per hundredweight, a gain of $.25, along with higher imports, exports, and per capita consumption.
Pork is seen at 27.678 billion pounds, 4 million higher, thanks to higher weights cancelling out a slower fourth quarter slaughter, with an average barrow and gilt price of $67.45, down $2 due to recent price weakness, and declining exports against rising imports and consumption.
