Total meat production for 2014 has increased since last month, says the latest USDA World Agricultural Supply and Demand Estimates report.
According to Tuesday’s report, lower feed prices have allowed producers to grow beef, pork and broilers to heavier weights, pushing up production. This is expected to hold through 2015, leading to heavier cattle. However, feedlot numbers are expected to reduce, offsetting increased carcass weight gains.
2014 and 2015 forecasts imports for processed grade beef remain strong. Despite Russia’s import ban and increasing beef prices, 2014 and 2015 exports have also risen.
Continued tight supplies of fed cattle have led to an increase in cattle price forecasts for 2014 and 2015.