The USDA raised its 2022 beef and turkey production projections, while cutting estimates for pork and chicken.

Beef production is seen at 27.57 billion pounds, 195 million more than in February due to the slaughter pace for both fed and non-fed cattle, with an average price of $139.50 per hundredweight, $2 higher, and increases for imports, exports, and consumption.

Pork production is expected to be 27.315 billion pounds, 65 million less than last month because of a slower slaughter and slightly lighter weights, with an average price of $71 per hundredweight, a jump of $6, and lower exports against higher imports and consumption.

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