The USDA has raised its 2024 beef and egg production outlooks, while lowering expectations for pork, broilers, and turkey.
Beef is pegged at 26.595 billion pounds, up 140 million from April on heaver dressed weights and an estimated higher slaughter pace in the second half of the year, with an average steer price of $183.51 per hundredweight, down $1.50, and lower imports, along with higher imports and consumption.
Pork is seen at 28.064 billion pounds, 26 million less than last month, due to a faster processing pace partially canceled out by lower dressed weights, with an average barrow and gilt price of $62.49, $.50 lower, and reductions in imports and exports against slightly higher consumption.
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