WASHINGTON ─ USDA has lowered its 2008 pork production forecast and raised its broiler production and export forecast.
Third quarter slower-than-expected pace of hog slaughter and lighter carcass weights has lead USDA to lower its pork production forecast. The 2009 forecast has also been lowered.
Hog price estimates were projected at $56 to $57 per hundredweight, reflecting strong demand. 2009 prices are expected at $51 to $56 per hundredweight.
2008 and 2009 broiler production forecasts were raised due to increases in bird weights that World Agricultural Supply and Demand Estimates reported.
Broiler exports have raised due to strong shipments to 6.6 billion pounds from 6.5 billion.
Broiler prices will decrease due to low demand and increased production; price are expected to average 79 to 80 cents per pound in 2008 and 82 to 80 cents per pound in 2009.
USDA lowers pork production forecast
USDA raises broiler production and export forecasts for 2008
Source: Meatingplace.com