Chicken consumption is on pace to rise 1.5 pounds this year.
In pork, hog production margins are improving on lower feed costs, with CoBank citing Iowa State University’s projection that farrow-to-finish operators posted their fifth consecutive month of positive margins in August.
However, CoBank said expansion in production is unlikely as all costs but feed are still high. As a result, pork prices should hold steady through the rest of the year, it said.
Global pork demand is so strong that the U.S. will likely overtake Europe as the leader in pork exports this year, CoBank predicted.
Rising beef prices didn’t slow demand in the grilling season and retail prices continued to climb through August, exceeding $8.60 ($11.83 Cdn) per pound.
There were ample retail hamburger promotions, the report said.
The composition of beef coming to market in 2024 has been derived more from fed cattle, with more steers entering the feedlot than last year.
Falling feed prices, a changing mix of cattle and tighter availability is contributing to higher cattle weights, CoBank said.
