Total red meat and poultry production for 2020 is reduced from last month as sectors at all levels adjust to COVID-19 and economic uncertainty, according to USDA’s World Agricultural Supply and Demand Estimates.
The broiler production forecast is lowered as producers respond to weaker demand and lower broiler prices. The turkey production forecast is reduced slightly on recent production data. Egg production for 2020 is reduced from the previous month on slower expected growth in the laying flock, according to USDA’s WASDE report.
The beef production forecast is reduced as lower expected steer and heifer slaughter more than offsets higher cow slaughter. However, beef production declines are partially offset by heavier carcass weights. The pork production forecast is reduced from the previous month; however, the recent Quarterly Hogs and Pigs report points to relatively large supplies of hogs available for slaughter during most of the year and heavier hog carcass weights will also support increased production.
Beef, pork, and poultry export forecasts are reduced from last month on slowing global demand. Price forecasts for 2020 are lowered for cattle, hogs, and broilers on generally weak demand and large supplies. The turkey price forecast is raised from last month on current prices. Egg prices are raised on strong demand.
