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Meat production, corn supply forecasts raised: USDA
Story Date: 2/11/2013
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Source: Rita Jane Gabbett, MEATINGPLACE, 2/8/13
USDA raised its 2013 forecast of total red meat and poultry production from last month reflecting higher-forecast beef, pork, broiler, and turkey production.
In its monthly World Agriculture Supply and Demand Estimates report, USDA also raised its feed grain ending stocks for 2012/13 forecast, as lower expected exports outweigh an increase in projected domestic usage. Corn exports are now projected 50 million bushels lower based on the sluggish pace of sales and shipments to date and prospects for more competition from Brazil.
Projected corn ending stocks are raised 30 million bushels. The projected range for the season-average farm price for corn is lowered 20 cents at the midpoint and narrowed to $6.75 to $7.65 per bushel. Reported monthly prices received by farmers to date continue to reflect forward sales made at prices below prevailing cash market bids.
Beef
Beef production is raised based mostly on heavier carcass weights. The beef production forecast is also raised as cow slaughter in the first quarter is expected to be relatively high.
The beef export forecast for 2013 is unchanged as trade restrictions by Russia are offset by gains to Japan and other markets.
Cattle prices are unchanged from last month.
Pork
Pork production is raised as carcass weights are expected to reflect more moderate feed costs.
Pork exports are lowered on trade restrictions imposed by Russia, although there is expected to be some offset in higher exports to other markets.
Hog prices are unchanged from last month.
Poultry
Broiler hatchery data pointed to continued expansion of bird numbers and weights at slaughter have been increasing. Thus, the broiler production forecast is raised from last month. Turkey production is raised slightly on hatchery data.
Broiler and turkey export forecasts are raised from last month on stronger demand from a number of markets. Import forecasts are unchanged from January.
Broiler price forecasts were raised on expected demand strength in 2013.
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