Due to higher-than-expected cattle placements in the first half of the year, USDA has increased its beef production forecast from last month. The projected cattle prices were increased with continued strong demand. The supply/demand report increased pork production for the first half of the year but revised the numbers lower for the balance of 2023. Hog prices are forecast to decline. Broiler and turkey price projections rose. U.S. milk production is expected to increase with a larger-than-expected cow herd. Class III milk prices are projected to increase.
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