WASDE Raises Forecast Red Meat and Poultry Production

USDA’s Agricultural Marketing Service raised its forecast for total U.S. red meat and poultry production in its monthly World Agricultural Supply and Demand Estimates (WASDE) on Friday. AMS said higher beef and pork production more than offset lower poultry production.

AMS raised the 2022 annual beef production estimate by 65 million pounds to 27.907 billion. Pork production estimates were raised 180 million pounds to 27.219 billion. Red meat production was raised 249 million pounds to 55.317 billion.

Poultry production estimates were lowered 112 million pounds to 51.199 billion pounds. Total red meat and poultry production for 2022 is now forecast at 106.515 billion pounds, which would fall 295 million pounds below last year’s total.

AMS said it raised beef production estimates on higher expected steer, heifer and cow slaughter more offsetting lower expected carcass weights. Pork production was raised for the second quarter on the current pace of slaughter, although carcass weights are reduced slightly.

Broiler production was reduced on the pace of slaughter and recent hatchery data. Turkey production was reduced on the current pace of slaughter. The production forecasts for 2023 for beef, pork, broiler meat, and turkey meat are unchanged from last month.

AMS made no change to its 2022 cattle price forecast from last month’s WASDE.