The 2020 forecast for total red meat and poultry production is raised from last month on higher forecast beef, pork, and broiler production, according to USDA’s latest WASDE report.
However, the forecasts for second half beef production is reduced on lower anticipated steer and heifer slaughter in the second half of the year. This reflects a smaller number of cattle outside feedlots implied by the January 1 Cattle Report which results in lower placements during 2020. Pork production is raised on higher expected hog slaughter and heavier carcass weights. Broiler production is raised on recent hatchery data which shows continued growth in the laying flock. The turkey production forecast is decreased as hatchery data points toward slower expected production growth. Forecast egg production is increased. Estimates of 2019 red meat, poultry, and egg production are adjusted to reflect December data.
Broiler and egg trade forecasts are unchanged for 2020. Livestock, poultry and egg trade estimates for 2019 are adjusted to reflect December trade data.
