WASHINGTON — In its July World Agricultural Supply and Demand Estimates (WASDE) report, the US Department of Agriculture stated that it would slightly decrease its meat and poultry production estimates for 2024. Numbers released by the agency showed the new projection at 107.127 billion lbs for red meat and poultry, which is down 1 million lbs from the same report in June.
USDA said the WASDE figures were “lowered slightly from last month with lower forecast broiler and turkey production more than offsetting higher beef and pork.”
“Pork production is raised this month based on increased weights for the second half of the year. Beef production is raised with higher expected steer and heifer slaughter more than offsetting reduced cow slaughter,” the report said. “Broiler production is lowered on slaughter data for the second quarter. Turkey production is lowered due to reduced expectations for the second half of the year based on recent production and hatchery data.”
Pork production forecasts were raised as a reflection of stated producers’ farrowing intentions for the second half of 2024 as stated in the June Quarterly Hogs and Pigs report.
“Broiler production is lowered based on a slower rate of growth in first-quarter production,” WASDE said. “Turkey production is lowered as expected weaker producer returns for the remainder of 2024 slow growth in 2025.”
WASDE also estimated that beef imports in 2024 will decrease given the expected global competition. However, beef exports have increased due to stronger-than-expected demand in several key markets, according to the agency. No changes were made to the beef trade forecast in 2025.
“The 2024 broiler export forecast is raised slightly, reflecting recent trade data,” the report said. “No changes are made to broiler exports in 2025. The turkey export forecast for 2024 is lowered on recent trade data. Turkey exports for 2025 are raised on expected improved demand.”