The USDA says there's going to be less total meat production both this year and next than it had forecast a month ago.
The department has lowered beef production this year because of a slower pace of slaughter in the third quarter. 2016 U-S beef production remains unchanged from last month's forecast on the expectation of increased carcass weights. The pace of slaughter for hogs has also been lower than expected in the third quarter, prompting the department to lower it's pork production forecast for this year. It's 2016 pork production forecast remains unchanged.
The main change in U-S meat production levels for 2016 appears to come down to lower than expected broiler production. U-S steer prices are now expected to average $152 to $155 per hundredweight while barrows and gilts will average $50 to $51 dollars on the year. That's down $2 to $3 for cattle and up a dollar for barrows and gilts.
The forecast 2016 average steer price is now $147 to $159, $46 to $49 for barrows and gilts. That's a drop of $3 per hundredweight for steers and no change for barrows and gilts.
