Bullish Meat Market Expected In The US
US - US beef production in 2010 is still expected to decline one per cent, despite the USDA recently revising forecasts up from 11.68 million tonnes cwt to 11.72 million tonnes cwt, due to fed cattle marketings rising two per cent in the first two months of this year (USDA World Agricultural Supply and Demand Estimates).
14 April 2010
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Monthly US beef production so far this year (to February) has declined two per cent on the same period last year, attributed largely to a decline in cattle carcase weights, reports Meat and Livestock Australia.
Pork production forecasts have also been revised, but down from 10.18 million tonnes cwt to 10.14 million tonnes cwt – a decline of three per cent on 2009. A smaller 1 March inventory and slowed growth in the number of pigs per litter has contributed to the lower production volumes.
Amid tighter cattle and hog supplies, US livestock prices are expected to increase sharply into the US summer quarter this year. US Choice steer prices are forecast in 2010 to average approximately 10 per cent higher on last year, with prices for the second and third quarter of this year to increase 10 per cent and 11 per cent, respectively.
Hog prices for 2010 are expected to average approximately 25 per cent above year ago levels, amid lower production and increased exports. Broiler prices are also projected to increase approximately six per cent, despite production and export forecast declines of two per cent and 15 per cent, respectively.
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