Market Outlook

See the the latest Livestock, Dairy, and Poultry Outlook report.

Major Destinations For U.S. Animal Product Exports in 2021

The figure below shows the averages for 2020 and the year-to-date (January-August) figures for the retail and wholesale values for eggs, chicken, pork, and beef and the farm values of pork and beef. To date, 2021 has had higher retail prices for all the products except broilers. Retail egg prices in 2021 average $1.60 per dozen, up 9 cents over 2020. Broiler prices average $1.52 per pound in 2021, 4 cents below their 2020 average; the 2021-to-date pork price is $4.33 per pound, 30 cents higher; and beef prices average $6.86 dollars per pound, 32 cents higher. The average farm values of pork and beef are higher so far in 2021 than they were in 2020. With the exception of eggs, wholesale values are higher in 2021 as well.

Beef/Cattle: Cow slaughter is expected to be higher during the second half of the year, partly offsetting declines in steer and heifer slaughter. But coupled with lighter expected dressed weights, the forecast for 2021 beef production was reduced to 27.742 billion pounds, down 130 million pounds from last month. Fed and feeder steer prices were raised in the second half of 2021 and into 2022 as strong beef demand supports higher cattle prices. Beef imports in July totaled 307 million pounds, a reduction of 19 percent, or 70 million pounds, from a year ago. The annual forecast for 2021 beef imports was raised to 3.142 billion pounds. U.S. beef exports totaled 297 million pounds in July, up 17.9 percent or 45 million pounds, year over year. The annual forecast for 2021 was revised up 30 million pounds to 3.414 billion pounds from last month.