Pressure on beef and poultry prices for the rest of the year
The US meat industry is going to register a growth in production that is going to impact the market for the rest of the year, warns Jim Mintert, Purdue University agricultural economist, in an interview for Drovers magazine.
Red meat and poultry production increased 2% year-over-year during the first quarter of 2018, and the latest USDA projections call for a 4.4% increase in quarter two. This increase in production will bring on the market an additional volume of more than 450,000 tons of red meat and poultry.
"Looking ahead to the rest of this year, the biggest driver of prices will be meat production in the U.S. and it looks like beef, pork, and chicken production will all be larger than in 2017 throughout the rest of 2018", says Mintert.
Over the next six months, beef production in the US could rise by 6 to 8 percent believes the analyst.
In his opinion, the April-June quarter price average for slaughter steers could decline 10 percent or more. Summer and fall quarter prices are expected to remain below a year ago as well, although the percentage decline will likely be less than 10 percent.
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