The USDA has increased 2022 production expectations for red meat and poultry, with bigger outlooks for beef and broilers cancelling out declines for pork and turkey.
Beef production is seen at 27.842 billion pounds, up 132 million from April, due to larger than expected placements pushing up slaughter rates, with an average steer price of $140.10 per hundredweight, $.60 higher, and larger exports, imports, and per capita consumption.
Pork is pegged at 27.039 billion pounds, down 36 million on lighter average weights, with an average barrow and gilt price of $71.10 per hundredweight, $1.90 lower, and an increase in imports against decreases for exports and consumption.
