Source: MEATINGPLACE, 7/13/16

USDA raised red meat and poultry production forecasts for 2016 from last month.

In its World Agriculture Supply and Demand Estimates report, the agency said beef production is forecast higher largely on the pace of slaughter in the second quarter, but also as feedlot marketings during the second half of the year are expected to remain relatively high.

Pork production for 2016 is also raised, based on second quarter slaughter and larger expected slaughter in the fourth quarter.

Broiler production for 2016 is raised on year-to-date production and hatchery data. The turkey production forecast is raised on second quarter production data. For 2017, pork production is reduced. In the June 24 Quarterly Hogs and Pigs report, producers indicated intentions to have fewer sows farrow in the second half of 2016 compared to 2015. No change is made to the 2017 production forecasts for beef or poultry. Table egg production is raised for both 2016 and 2017 on improved returns.

Only small changes are made to the beef and pork trade forecasts for 2016 and no change is made to the 2017 forecast. Both beef imports and exports are raised based on May trade data. Pork imports are lowered, but exports are raised. Broiler exports are raised slightly for 2016 and 2017, based on the recent reopening of South Korea to U.S. fresh and frozen poultry meat. No change is made to turkey exports.

Cattle price forecasts for second-half 2016 are unchanged from last month as is the 2017 forecast. Hog prices are raised for both years on current prices and lower expected supplies of hogs in 2017. Broiler prices are unchanged for both 2016 and 2017. Turkey prices are raised for the second-half of 2016, but are unchanged for 2017.

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