USDA hikes red meat production, cuts poultry

The USDA’s 2022 commercial beef and pork production estimates are up from May, while the federally inspected poultry outlooks are down.

Beef production is seen at 27.907 billion pounds, up 65 million on higher slaughter rates cancelling out lower average weights, with an average steer price of $140.10 per hundredweight, unchanged, and increased exports against lower imports and consumption.

Pork production is pegged at 27.219 billion pounds, 180 million higher due to the current slaughter pace, with an average barrow and gilt price of $70.60 per hundredweight, $.50 lower, and higher imports, exports, and consumption.

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