Total Meat and Poultry Production Raised for 2016 by USDA in WASDE ReportWed, 09 Mar 2016 15:55:46 CST
On Wednesday, the USDA released their monthly World Ag Supply and Demand Outlook for all commodities. The latest report showed few changes in the livestock and meat sector, although poultry supplies are increasing enough to cause the agency to raise overall meat and production forecasts for the full calendar year. Here is the summary from the report for the meat sector:
"The 2016 forecast of total red meat and poultry production is raised from last month as higher forecast first-quarter broiler and turkey production more than offsets small reductions in beef and pork. First-quarter beef production is reduced on the pace of slaughter and lower carcass weights; pork production is reduced on slightly lighter carcass weights.
"Broiler and turkey production for the first quarter is raised as the pace of slaughter to date has been higher than expected. The egg production forecast is raised on increased table egg production as the sector continues to rebuild following last year's Highly Pathogenic Avian Influenza outbreaks. Historical poultry and egg production estimates are adjusted to reflect revisions in production data.
"Beef import and export forecasts are unchanged from last month. The pork export forecast is lowered from last month on recent trade data. The pork import forecast is raised on expectations of relatively large exportable supplies in the EU and continued strength of the U.S. dollar. Broiler export and turkey export forecasts are lowered on slower-than-expected sales in January. Annual cattle and hog prices for 2016 are unchanged from last month.
"Broiler prices are lowered on current prices and expected higher production. The turkey price forecast is unchanged but the range is narrowed. Egg prices are reduced on higher forecast production. The milk production foreca st for 2016 is lowered from last month as a smaller decline in the cowherd is more than offset by slower growth in milk per cow. Fat and skim-solids basis exports are reduced primarily on strong competition in international whey product markets, and exports of a number of other dairy products are facing increased competition. Imports are increased on both a fat and skim-solids basis.
"Continued strength of the U.S. dollar is expected to keep the United States as an attractive market for dairy products. Expectations of a relatively wide spread between U.S. and international butter prices will support increased butterfat imports while cheese imports will like ly benefit from cont inued demand strength. Whey product exports are al so likely to be pr essured by large world supplies.
The complete WASDE report for March 2016 is available here.
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