The USDA is projecting higher beef and broiler production.
Beef is estimated at 26.775 billion pounds, 110 million more than in March because of higher placements during the first half of the year, with an average steer price of $164.50 per hundredweight, up $2.50 on the month. Beef imports, exports, and per capita consumption were all above a month ago.
Pork is seen at 27.36 billion pounds, a 50-million-pound cut as a higher first half guess linked to slaughter and pig crop data is canceled out by a lower second half outlook due to farrowing intention expectations based on the most recent Quarterly Hogs and Pigs report.
