Raised 2013 Meat and Poultry Production Estimates Good News for Soybean Farmers
Two biggest consumers of U.S. soy meal expected to grow
Soybean farmers and bacon-and-egg lovers rejoice! The U. S. Department of Agriculture (USDA) raised its 2013 forecast for meat and poultry, anticipating higher pork and poultry numbers will offset a lower cattle population.
According to the October World Agricultural Supply and Demand Estimates, pigs experienced a small population decline in June-August as farmers decreased farrowings, but the USDA believes the steady increase in the number of pigs born in each litter will compensate for most of the decline.
This means continued demand for soy since hogs, chickens and turkeys remain the biggest consumers of U.S. soy meal. According to the soy checkoff’s 2012 Animal Agriculture Economic Analysis, poultry ate more than 15 million tons of U.S. soy meal and pork ate more than 8.5 million tons. That’s the meal from 650 million bushels of U.S. soybeans for poultry and 360 million bushels for swine. Overall, animal agriculture consumed 29.7 million tons of soymeal in 2011.
“The increase in pork estimates is good news for soybean farmers and tailgaters alike,” said Mike Beard, a USB director and soybean and pork farmer from Frankfort, Ind. “Two of soybean farmers’ biggest customers, poultry and swine, will grow, and people enjoying football games can still snack on a few chicken wings. I hope you have your ranch dressing handy.
Read more about the importance of animal agriculture here.