CME Daily Livestock Report 11/12/13
The latest USDA estimates (published on Friday) contained some notable revisions to the supply/demand tables for beef, pork and broilers. Below is a brief recap and implications for pricing in 2014.
Beef: USDA made only some very slight adjustments to beef production in 2013, now estimated at 25.675 billion pounds, down 1.2% compared to a year ago. Beef exports at this point are expected to be almost exactly the same as a year ago (up just 0.2%) while beef imports continue to be revised lower as traditional trading partners focus more on markets that pay more and have less red tape. Per capita consumption in 2013 is now pegged at 56.5 lb. (retail weight basis), down 1.6% from the previous year and a slight downward revision from the September estimate.