The November U.S. World Agricultural Supply and Demand Estimates report reduced its 2017 Red Meat and Poultry production dropping slightly to 100.430 billion lbs. from the October estimates. U.S. meat production for 2017 is estimated to be 2.9 per cent higher compared to 2016.
Leading the way in meat production increases in 2017 are projected to come from beef (+4.7 per cent), pork (+3.2 per cent) and broilers (+2.1 per cent). Beef production estimates for 2017 are estimated at 26.400 billion lbs. in November, down 0.56 per cent from the October estimates. Beef production estimates were reduced from the previous month on a slower than expected marketing pace for fed cattle and lighter carcass weights in the fourth quarter.
U.S. Red Meat and Poultry production for 2018 is expected to further increase from the current 2017 projections by an estimated 3.2 billion lbs., which is a three per cent increase, to reach 103.6 billion lbs. of meat production. Beef production is projected to continue leading the way in 2018 with increases of 4.62 per cent, followed by pork (+4.60 per cent), and broilers (+1.77 per cent).
U.S. current crop projections for November put the harvested corn acreage at 83.1 million acres, down from 86.7 million acres the previous year, but the same from the October estimated acres. However, corn yields were estimated at 175.4 bushels/acre, up 3.6 bushels/acre from 171.8 bushels/acre in the October estimates. USDA corn production was estimated at 14.578 billion bushels, up 298 million bushels or 2.1 per cent from the October estimates, but down 570 million bushels or 3.8 per cent from the previous year. While domestic corn usage and exports numbers were increased, the ending corn stocks were estimated to increase to 2.487 billion bushels, compared to 2.340 billion bushels in the October estimates.
