CoBank Predicts a Slower Year for U.S. Meat and Poultry Producers

Over the last few years, meat and poultry producers in the United States have performed well despite challenges and changes in consumer consumption. CoBank, a private lender focused on rural America, forecasts a change in 2023 due to rising supply costs and declining real wages.

The lender shared their market insights in their quarterly CoBank Knowledge Exchange report. While demand for red meat has held steady over the last two years, CoBank notes grocery sales have started to reflect the impact of inflation. However, prices are expected to stay in good shape for cattle and beef. The report also indicates a slight increase in pork production for 2023, while record-high prices for chicken are not expected to stick around.

Read more on the report from Farm Journal.