WASHINGTON, DC – On Monday, USDA’s Economic Research Service (ERS) released its monthly Situation and Outlook Report for livestock.
For beef and cattle, the forecast for fed and feeder steer prices have been lowered in the fourth quarter, annual imports are increased (3.1 billion pounds), and exports, despite a record-setting August, remain unchanged at 3.4 billion pounds.
For dairy, ERS is increasing the projected all-milk forecast for 2021 by 30¢ to $18.45 per hundredweight, and the 2022 forecast by 80¢ to $19.20 per hundredweight on lower expected milk cow numbers and lower milk per cow.
“Information in the September Quarterly Hogs and Pigs report suggests somewhat reduced supplies of animals for processing for much of 2022,” the report says, with expected production to hit 27.6 billion pounds. With that, hog prices in the new year may decline 13 percent on moderating domestic demand – the lowest per capita (49.7 pounds per person) since 2014.
Growth in the broiler space is expected to grow around 1 percent in 2022, egg exports are also expected to remain strong through the first half of 2022, and with tighter turkey stocks this year, ERS expects higher prices and declining exports.
(SOURCE: All Ag News)
