The United States Department of Agriculture (USDA) has just released its anticipated projections for the meat production landscape in 2024. Let's dive into the key insights that could shape the industry this year.
Beef Production: Riding the Waves The USDA projects a slight uptick in beef production, with figures reaching 26.1 billion pounds. While this reflects a modest increase of 20 million from December, it marks a substantial drop of 867 million from the 2023 estimate. The average steer price holds steady at $178 per hundredweight, presenting stability from the previous month but a noteworthy $2.46 increase from the prior year. Factors influencing this trend include higher beef imports, juxtaposed with lower expectations for exports and consumption throughout the year.
Pork Production: A Swine Swing 2024 is anticipated to witness an upswing in pork production, projected at 27.97 billion pounds. This marks an increase of 240 million from the previous month and a substantial 668 million from the previous year. The average barrow and gilt price, however, experience a dip, settling at $58 per hundredweight. This reflects a decrease of $2 from the last month and $.59 from the previous year. The USDA foresees year-to-year growth in pork imports, exports, and consumption.
Broiler Production: Taking Flight Broiler production is set to soar, with an estimated 46.675 billion pounds. This figure represents a 50 million increase from the previous month and an impressive 350 million above the previous year. The average price per pound stands at $1.26, reflecting a modest increase of $.02 from December and maintaining consistency throughout 2023. The USDA predicts higher broiler imports and exports compared to the previous year, with consumption holding steady.
Turkey Production: A Thanksgiving Tumble? Turkey production is projected to reach 5.47 billion pounds, experiencing a decrease of 40 million from the previous month. However, it could potentially see an uptick of 8 million from the previous year. The average price per pound is expected to drop to $1.11, a decrease of $.16 from the last month and $.29 from 2023. The USDA anticipates larger turkey imports and exports, while consumption remains unchanged.
The USDA's upcoming annual meat projections, scheduled for release on February 8, promise to provide further insight into the ever-evolving dynamics of the meat industry in 2024. Stay tuned for comprehensive analysis as we navigate the challenges and opportunities ahead.