In its latest monthly "World Agricultural Supply and Demand Estimates" report, USDA reduced its forecast for 2024 red meat and poultry production from last month, to 107.52 billion pounds, the result of lower pork and turkey production. The 2025 forecast was also reduced to 107.43 billion lbs. on lower beef and turkey production.

The 2024 beef production forecast was raised on higher steer and heifer and cow slaughter, which USDA said more than offsets lighter dressed weights. Pork production was reduced, reflecting lower slaughter and reduced dressed weights in the third quarter. Broiler production was raised for the third and fourth quarters reflecting recent production and hatchery data. Turkey production, on the other hand, was lowered due to lower-than-expected Q2 2024 production and recent hatchery data suggesting reduced production in the second half of the year. USDA raised its 2024 egg production forecast.

For 2025, beef production was lowered, reflecting reduced steer and heifer slaughter in the first quarter. Turkey production was also lowered for the year as turkey price forecasts for 2024 and 2025 were lowered. However, pork, broiler, and egg production forecasts were left unchanged from last month.

Cattle price forecasts for 2024 were raised for both the third and fourth quarters based on recent stronger-than-expected demand for fed cattle. USDA's 2024 cattle price forecast is now $188.11/cwt. The higher price forecasts were carried into the first quarter of 2025, USDA said. The 2025 cattle price forecast is $191.00/cwt.

The 2024 hog price forecast was raised to $59.38/cwt. based on higher hog prices in the fourth quarter, but the price forecast was reduced for 2025, to $58.00/cwt.

Broiler price forecasts for 2024 were raised for the second half of the year based on stronger-than-previously-expected prices through July. USDA’s 2024 forecast is now $1.29/lb. USDA’s 2025 price forecast is $1.27/lb. due to higher prices in Q1 2025.

Turkey prices were reduced for the second half of 2024 based on recent price data, with lower prices carrying into the 2025 price forecasts. The 2024 and 2025 prices forecasts are 94.2 cents/lb. and $1.05/lb., respectively.

Egg prices for 2024 were raised for the third and fourth quarter reflecting recent data showing higher than previously expected prices and relatively tighter inventories. Egg price forecasts in 2025 were also raised, reflecting higher prices expected in the first half of the year. USDA’s 2024 and 2025 egg price forecasts are $2.71/doz. and $1.75/doz., respectively.

The milk production forecasts for 2024 and 2025 were lowered from last month. USDA said cow inventories and output per cow has been lowered for both years based on the most recent data in the “Milk Production” report.

The price forecasts for 2024 cheese, NDM and whey are all raised from the previous month based on recent price strength. The butter price forecast for 2024, however, was lowered. The Class III price was raised based on higher cheese and whey prices. The Class IV price was also raised, as higher NDM prices more than offsets the reduction in butter prices, USDA said. As such, the all milk price was raised to $22.30/cwt.

For 2025, the price forecasts for cheese, butter, NDM, and whey were all raised based on reduced milk production and continued firm demand domestically and in international markets. As a result, Class III and Class IV price forecasts were both raised. The all milk price was also raised to $22.75/cwt.