High Feed Prices Curb Production in 2012
Beef/Cattle: Drought continues to motivate sales of cattle in Southern auctions and placements in feedlots. These sales and placements are occurring despite high grain prices.
Pork/Hogs: Accelerating pork exports are expected to maintain hog and pork prices at or near record highs for the balance of 2011.
Poultry: Broiler meat production increased strongly during the first 6 months of 2011 (up 4.8 percent), growth in the first quarter was 6.4 percent higher than the previous year and second-quarter production was 3.3 percent higher than a year earlier. In the second half of 2011, broiler meat production is expected to decline as lower bird numbers offset an expected increase in average bird weights. Higher feed costs and slow growth in the domestic economy are expected to combine to reduce production. Turkey meat production is expected to decline in the second half of 2011 as the number of birds available for slaughter decreases. Poult placements on a year-over-year basis have been lower for the last 3 months.
Dairy: Milk production will continue to rise both this year and next. Fats basis exports will rise in 2011 from last year but soften slightly in 2012. Skims-solids export will show slight increases both this year and next. Higher milk production and slower growth in exports will pressure prices in 2012.
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