Higher beef production offset lower pork, broiler and turkey production, according to the U.S. Department of Agriculture’s (USDA) latest World Agricultural Supply and Demand Estimates (WASDE) report.
An increase in 2014 beef production is predicted. “The larger forecast second-half slaughter reflects larger placements of cattle during the first half,” the report says.
As the demand for processing-grade beef remains strong, forecast beef imports for 2014 are raised from last month. The export forecast also is raised based on continued strong sales to Asian markets.
Pork exports are predicted to decrease due to tighter supplies and higher prices are expected to constrain sales.
According to the report, the broiler export forecast is reduced based on February export data. Due to weaker sales, turkey exports are lowered.
Cattle prices for 2014 are raised from last month, the report says, reflecting continued price strength for fed cattle. Forecast hog prices are raised based on current prices and continued tight supplies of market hogs. As cattle prices climb higher, broiler and turkey prices are raised.
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