Market Outlook
See the latest Livestock, Dairy, and Poultry Outlook report.
Summary
Pork/Hogs: The December Hogs and Pigs report showed 1 percent more market hogs than a year ago and just 2 percent fewer breeding animals. Adjusting quarterly pork production forecasts to information in the report resulted in a 2024 production increase of 180 million pounds, with an increase of more than $4 per cwt in average 2024 hog prices. Strong February pork exports prompted the addition of 210 million pounds to the 2024 export forecast. U.S. pork exports in 2024 are expected to be 7.3 billion pounds, almost 8 percent higher than last year.
Total Red Meat and Poultry Production Projected To Grow Again in 2024 After Last Year’s Decline
Total red meat and poultry production is forecast to increase 0.84 percent in 2024. This follows a year of decreased production in 2023, the first since 2014. Increased production of pork, broilers, and turkey in 2023 were all offset by a large decline in beef production. Looking to 2024, beef production is again forecast to fall due to tightening cattle supplies, with turkey production expected to be slightly lower as well. However, these decreases are anticipated to be more than offset by higher pork and broiler production, raising total red meat and poultry production by nearly 1 percent.
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