WASHINGTON, DC – USDA’s September WASDE report adjusted 2025 livestock projections, signaling shifts in beef and pork markets while leaving poultry largely steady.
For beef, USDA lowered production slightly as lighter fed cattle weights offset larger-than-expected slaughter. Exports were reduced due to weaker Asian demand, while imports were raised with strong inflows from Australia. Cattle prices are projected lower, with the 2025 steer price forecast trimmed to $176 per hundredweight (cwt).
Pork production was increased on higher-than-anticipated slaughter numbers. Exports were raised modestly, reflecting stronger demand from Mexico and Asia. The 2025 hog price was adjusted downward to $65.50/cwt, pressured by larger supplies.
For broilers, production forecasts held steady, but USDA lowered exports on weaker international demand. Prices are expected to remain firm at $1.29 per pound for 2025. Turkey production and trade forecasts were unchanged, with prices stable at $1.24 per pound.
In dairy, milk production was left largely unchanged, but USDA raised its Class III and Class IV milk price forecasts on stronger cheese and butter demand. The all-milk price for 2025 is now forecast at $22.00/cwt.
Farm-Level Takeaway: USDA’s outlook points to slightly weaker cattle and hog prices as supplies remain ample, but dairy and poultry show firmer pricing. Producers may need to prepare for margin pressure in livestock feeding while dairy farmers could benefit from stronger product demand.