Source: Rita Jane Gabbett, MEATINGPLACE, 9/12/16

USDA lowered its forecast for total red meat and poultry production for 2016 from last month, projecting lower beef, pork, and broiler production. Turkey production was raised. Corn production was lowered and soybean production raised in its latest World Agricultural Supply and Demand Estimates report.

Beef
The beef production forecast was reduced on lower expected third quarter steer and heifer slaughter. Beef import forecasts for 2016 and 2017 were unchanged.  Beef exports for 2016 were raised on improving trade prospects in a number of countries, but the forecast was unchanged for 2017.

USDA lowered average steer price projections for 2017 to a range of $116 to $126 per hundredweight, down $2 on each side of the range from last month.

Pork
Pork production for 2016 was lowered on expectations of slightly lower carcass weights for the third quarter.  USDA will release the Quarterly Hogs and Pigs report on September 30, providing an indication of producer farrowing intentions into early 2017.
USDA also lowered its pork export forecast slightly for 2016 and lowered its average price projection for 2016 by $1 to an average of $47 per hundredweight.

Poultry
Broiler production was lowered on slower expected growth in the second half of the year.  Bird weights have been lower than previously expected.  Turkey production for second-half 2016, however, was raised on production and hatchery data.
Broiler and turkey exports were lowered for 2016 and 2017 as the recovery in exports remains slower than expected. Poultry prices were unchanged from last month.

Corn
USDA lowered its 2016/17 U.S. corn production outlook, reduced feed and residual use, lowered stocks, and raised its corn price forecast.

USDA reduced its corn production forecast by 61 million bushels to a still robust 15.093 billion bushels and lowered feed and residual use by 25 million bushels on higher expected prices. With exports unchanged, USDA still expects the highest corn ending stocks since 1987/88.

The projected range for the season-average corn price received by producers was raised 5 cents on both ends to $2.90 to $3.50 per bushel.

Soybeans
USDA raised its U.S. soybean production forecast to a record 4,201 million bushels, up 141 million, due to a higher yield forecast.
The U.S. season-average soybean price was forecast at $8.30 to $9.80 per bushel, down 5 cents on both ends of the range.  Soybean meal prices were also projected lower at $300 to $340 per short ton, down 5 dollars on both ends of the range.

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