USDA reduces forecast for total meat production in 2017
USDA says that it reduced the forecast based on the fact that decreases in commercial beef and broiler production more than offset increases in pork and turkey production.
USDA now projects for 2017 a total beef production of 26.6 billion pounds. Second-half beef production forecasts are reduced, reflecting a slower expected marketing pace for fed cattle although cow slaughter is higher.
For 2018, USDA has lowered the beef production forecast is from the previous month because it says that a slower rate of placements during the second-half of 2017 is expected to result in reduced steer and heifer slaughter in the first half of 2018.
Total production of pork in 2017 is projected to reach 25.8 billion pounds, USDA slightly raising its forecast due to higher expected carcass weights.
USDA will release the Quarterly Hogs and Pigs report on September 28, providing an indication of producer farrowing intentions into early 2018.
The third-quarter forecast for the total turkey production was slightly raised but USDA made no changes to the outlying quarter.
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