Thursday, April 16, 2020

USDA lowers manufacturing and commerce forecasts for meat


USDA lowers manufacturing and commerce forecasts for meat

The USDA has pulled again its forecasts for many U.S. meat manufacturing and commerce.

World Ag Outlook
board chairman Mark Jekanowski explains why they’ve diminished the meat manufacturing
forecast, “Primarily primarily based on decrease steer and heifer slaughter and given the very
low costs for cattle not too long ago that additionally means that producers is likely to be holding
some cattle again from advertising.”

The USDA’s pork
manufacturing numbers have elevated somewhat however broiler manufacturing has been
pulled again this month. Jekanowski says the collapse in demand from COVID-29 is
affecting costs, in comparison with final month and final 12 months, “These costs are down
fairly a bit, 12 months over 12 months, for those who have a look at 2020 in comparison with 2019. And that’s
the identical for broilers, steers and hogs.”

And, he says, the
USDA’s meat commerce forecast for the key classes of beef, pork, broilers and
turkey have been dialed again, “Reflecting softening world financial outlook and
that’s simply exhibiting up in diminished export demand for our meat merchandise.”

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