The USDA bumped up its 2020 U.S. red meat production outlooks, while lowering expectations slightly for poultry.
Beef production was pegged at 27.238 billion pounds, up 15 million from November, on the higher slaughter pace for live cattle cancelling out lighter average weights, with an average steer price of $108.46 per hundredweight, down $0.25, with steady exports and slightly lower imports and consumption.
Pork came out at 28.336 billion pounds, an increase of 155 million, thanks to the processing pace and heavier average weights, with an average barrow and gilt price of $43.25 per hundredweight, up $.25, steady exports and modestly higher imports and consumption.
