The USDA has lowered its 2021 red meat and poultry production outlooks, primarily on a reduction for pork production.
Pork is now seen at 28.275 billion pounds, down 405 million from March, with the USDA expecting a slower slaughter pace through the end of the year, with an average barrow and gilt price of $65.50 per hundredweight, a jump of $9.50, higher imports and exports, and lower consumption.
Beef is pegged at 27.64 billion pounds, up 60 million on a projected increase in processing during the second half of the year, with an average steer price of $116, $1 higher, lower imports, steady exports, and slightly higher consumption.
