The USDA raised total red meat production for both 2013 and 2014 in its latest “World Agricultural Supply and Demand Estimates” report based on higher cattle and hog carcass weights and cattle slaughter.
Pork production in 2014 was forecast at 23.9 million pounds for 2013, up slightly from 23.8 million pounds forecast in November.
Hog prices for 2014 were left unchanged but lowered for 2013.
Cattle prices were raised for both 2013 and 2014 on strong demand for fed cattle.
The USDA lowered its 2013 and 2014 forecast of pork exports based on slightly weaker demand in Asia.