According to the USDA’s latest World Agricultural Supply and Demand Estimates report, pork production in 2014 is projected higher “due to a combination of larger second-quarter slaughter and higher carcass weights.”
The USDA lowered total red meat production in 2014 as lower beef and broiler production more than offsets the increases in pork and turkey production. Beef production was lowered as the pace of steer and heifer slaughter in the second quarter dropped.
Both pork imports and exports were raised based on April trade data. The USDA made no change to the beef export forecast but did project an increase in 2014 beef imports as demand for processing-grade beef remains strong.
The USDA left cattle, hot and turkey price forecasts for 2014 and 2015 unchanged. Read the full report here.
The WASDE report also showed little change among coarse grains and oilseeds. Corn production was left unchanged at a record 13.9 billion bushels while soybean production was also unchanged at 3.6 billion bushels. Click here for more.