The USDA has lowered its 2023 red meat and poultry production expectations.
Beef production is now pegged at 26.941 billion pounds, 40 million less than August due to slower third quarter marketings, with the average steer price holding at $178.50 per hundredweight. Beef imports and domestic consumption were higher than last month, but exports fell sharply on competition for Asian markets.
Pork production is estimated at 27.159 billion pounds, down 105 million because of the slaughter pace and average weights, with an average barrow and gilt price of $59.90 per hundredweight, $0.30 lower, and lower exports against higher imports and consumption.
