The USDA has raised its estimates of beef, pork, and broiler production.
“Basically what we’re looking at here for both 2020 and this carries forward in to 2021 as well is just the fact that we are moving toward more of a normalized slaughter/capacity slaughter volume,” said World Outlook Board Chair, Mark Jekanowski.
Much of the capacity has been returning or still not quite back a hundred percent back to normal yet, but we’re getting close and I think that recovery has occurred a bit quicker than we had anticipated last month of even the previous month,” Jekanowski added.
Beef production is leading the way toward recovery.
“We increased our production forecast for broilers as well you know also reflecting slaughter capacity returning to normal but also just the fact that the industry seems to continue to expand.”
Increased meat production is leading to lower price forecasts for 2020.
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