USDA Lowers 2023 Meat Production Forecasts

News in brief: USDA lowers 2023 meat production expectations due to slower marketing, lower slaughter, and lighter weights. Beef, pork, and poultry production are all expected to decline in 2023, but still meet domestic demand.

The United States Department of Agriculture (USDA) has lowered its 2023 production expectations for meat, including beef, pork and poultry. It cited a number of factors, including slower marketing, lower slaughter, and lighter weights as affecting production.

Beef production is now forecast to be 26.941 billion pounds, down 40 million pounds from August, according to a news coverage. The average steer price is expected to remain at $178.50 per hundredweight.

Imports of beef and domestic consumption are both forecast to be higher than last month. However, exports are expected to fall sharply due to competition from other countries for Asian markets.

Pork production is forecast to be 27.159 billion pounds, down 105 million pounds from August. The average barrow and gilt price is expected to fall to $59.90 per hundredweight. Pork exports are expected to fall, while imports and domestic consumption are both forecast to be higher than last month.

Broiler chicken production is forecast to be 46.694 billion pounds, down 282 million pounds from August. The average price is expected to rise to $1.232 per pound. Broiler chicken exports are expected to fall, while imports and domestic consumption are both forecast to be steady.

Turkey production is forecast to be 5.578 billion pounds, unchanged from August. The average price is expected to fall to $1.495 per pound. Turkey imports and exports are both forecast to be higher than last month, while domestic consumption is expected to be steady.

The USDA's next round of supply, demand, and production numbers will be released on October 12th. It decision to lower its production expectations is a sign that the US meat and poultry industry is facing some challenges. However, the industry is still expected to produce enough meat and poultry to meet domestic demand in 2023.