Increased beef, broiler, and turkey forecasts partly offset decrease pork manufacturing in This autumn 2022, main USDA to boost the forecast for 2022 crimson meat and poultry manufacturing to 107.53 billion lbs. within the December “World Agricultural Provide and Demand Estimates” report.
USDA raised the 2022 beef manufacturing forecast to twenty-eight.42 billion kilos (lbs.) because of increased anticipated cattle slaughter in addition to heavier carcass weights. Pork manufacturing, nonetheless, was lowered to 27.06 billion lbs. because of lighter carcass weights. Broiler and turkey manufacturing have been raised to 46.10 billion lbs. and 5.21 billion lbs., respectively, on present slaughter and hatchery information.
Egg manufacturing was raised barely to 9.03 billion dozen on revised third-quarter information.
For 2023, USDA left the meat and pork manufacturing forecasts unchanged. Broiler manufacturing was raised on extra speedy anticipated development in chicken numbers later within the yr whereas turkey manufacturing was lowered for the primary half of the yr on current discoveries of extremely pathogenic avian influenza. Egg manufacturing was additionally lowered because of a slower anticipated tempo of restoration. USDA solely raised the 2023 whole crimson meat and poultry manufacturing forecast barely to 106.81 billion lbs.
USDA raised the 2022 and 2023 beef export forecast. The 2022 pork export forecast was lowered whereas 2023 was left unchanged. The broiler export forecast for 2022 was raised on current commerce information, whereas 2023 exports have been lowered. Turkey exports was left unchanged.
USDA left worth forecasts for cattle, hogs, and broilers unchanged for 2022 and 2023. USDA has the 2022 and 2023 cattle worth at $144.15/cwt. and $156/cwt., respectively. The hog worth forecast for 2022 and 2023 is $71.33/cwt. and $67.00/cwt., respectively. The broiler forecast for 2022 and 2023 is $1.41/lb. and $1.31/lb., respectively.
The turkey worth forecast for 2022 was lowered to $1.55/lb., however the forecast for 2023 was left unchanged at $1.53/lb. Egg worth forecasts for 2022 and 2023 have been raised to $2.78/doz. and $1.94/doz. because of current costs and expectations of continued agency demand and tight provides.
USDA left its 2022 milk manufacturing forecast unchanged from final month at 227 billion lbs. whereas the 2023 manufacturing forecast was raised barely to 229.5 billion lbs because of increased anticipated cow numbers and barely extra speedy development in output per cow.
For 2022, USDA raised worth forecasts for butter and cheese on current costs and expectations of continued energy in demand. Nevertheless, whey and NDM costs have been unchanged. The Class III worth was raised because of the next cheese worth, and the Class IV worth was raised because of the next butter worth.
As for 2023, USDA raised the value forecasts for cheese and butter for continued demand energy however lowered the NDM and whey costs because of strain from worldwide markets. The upper cheese worth greater than offsets the decrease whey worth. The Class III worth was raised whereas the Class IV worth forecast was lowered, reflecting the decrease NDM worth, USDA stated.
All issues thought-about, USDA raised the 2022 all milk worth forecast to $25.65/cwt. and the 2023 all milk worth was raised to $22.70/cwt.
