USDA’s most recent “World Agricultural Supply and Demand Estimates” report revealed lower total red meat and poultry production for 2023. Due to drought conditions this year, more calves are in feedlots now, which will increase feeder cattle numbers into the beginning of next year, and lead to fewer fed cattle expected for marketing later in 2023. The decrease in poultry production is due to the impact of avian influenza, as poultry numbers decreased drastically to limit the spread of the virus. Due to lower beef and poultry supplies, pork is expected to pick up the slack, projected at 27.5 billion lb. (from 27.1 billion in 2022).

Read more about meat production forecasts for 2023 here.