The USDA hiked its 2021 beef production outlook, while lowering the projections for pork and poultry.
Beef production is pegged at 27.58 billion pounds, up 40 million from February on expectations for higher live cattle slaughter during the first half of the year and increased placements during the second half, with an average steer price of $115 per hundredweight, unchanged on the month, steady exports, and slightly lower imports and consumption.
Pork is seen at 28.68 billion tons, 30 million less than last month because of an anticipated slower slaughter pace, with an average barrow and gilt price of $56 per hundredweight, up $5.50, steady imports and exports, and slightly higher consumption.
