For 2024, USDA raised its pork production forecast 40 million lbs. on a more rapid pace of second-quarter slaughter and higher dressed weights. Pork production is expected to rise 2.9% from last year. USDA increased its pork export outlook by 100 million lbs. amid recent demand strength. Pork exports are now forecast to rise 8.0% from last year. USDA lowered its 2024 average cash hog price projection by $1.25 to $61.24, though that would still be up $2.65 from last year.
For 2025, USDA didn’t change its outlook for pork production or exports, which are forecast to rise 1.1% and 3.4%, respectively, from this year. The cash price projection remained at $60.00.
USDA lowered its 2024 beef production forecast 5 million lbs., which is now expected to drop 1.4% from last year. Exports were unchanged and expected to fall 7.2% from last year. USDA raised its average cash steer price by 50 cents to $184.01 for this year, up $8.47 from last year.
For 2025, USDA raised its production outlook 245 million lbs., though it would still be down 4.6% from this year. The export forecast is unchanged and expected to fall another 11.3%. USDA raised its cash steer price outlook by $1.00 to $189.00.
