| World agricultural supply and demand estimates Total U.S. red meat and poultry production for 2022 is forecast above 2021 as higher pork and poultry production more than offset lower beef production. Beef production is forecast lower on smaller year-over-year slaughter levels. Pork production is forecast to increase primarily on growth in farrowings and pigs per litter. Broiler production is forecast above 2021 as producers respond to higher prices this year and into 2022, but growth will be tempered by higher feed prices. Turkey production is forecast to increase in response to favorable prices, but higher feed prices will likely dampen the rate of expansion. Egg production is forecast higher on stronger prices in 2021. Total beef and pork exports are little changed from 2021. Beef imports are slightly lower, but pork imports are projected to increase slightly. Broiler and turkey exports are forecast higher on expected gains in foreign demand. Cattle prices are forecast above 2021 on expected tightening of supplies and continued firm demand. Hog and broiler prices are forecast lower with increased production. Turkey and egg prices are forecast higher on strength in demand. The total red meat and poultry production forecast for 2021 is increased from last month. Beef production is raised on higher fed and non-fed cattle slaughter. Pork production is reduced slightly on lighter carcass weights. Broiler production is reduced on first-quarter slaughter data; no changes are made to the outlying quarters. Turkey production is lowered, reflecting recent hatchery data. Egg production is lowered on hatchery and flock data. Beef, pork, and broiler exports are raised on recent trade data and expectations of stronger growth to a number of key markets. Turkey exports are reduced slightly. Beef imports are raised as lower imports from Australia are partly offset by product from other suppliers. The annual cattle price forecast is little changed from last month. Hog, broiler, and turkey prices are raised each quarter on prices to date and expectations of demand strength in the second half of the year. Read more |
