University of Missouri Extension Economist Ron Plain and David Miller of Iowa Farm Bureau have released the results of an annual survey that goes to extension marketing economists. The results indicate that economists believe pork supplies will begin growing in the second quarter of next year and continue the rest of the year, nearly 1% higher than in 2010. For the beef sector the economists see beef production continuing to be below year-earlier levels all the way through 2011. They expect the largest year-on-year decline in production to come this fall when supplies are expected to be 1.8% lower than in 2009 on average.
The analysts expect hog prices to remain relatively constant with 2010, while choice slaughter steer prices are expected to average in the $92 to $95 per hundredweight, live weight, range for the rest of this year, bringing the 2010 average price to $93.01. The annual price estimates ranged between $93 and $97 per hundredweight.
Chicken prices are expected to hold up well in the face of a new surge in chicken output. They expect that pace to continue in early 2011, projecting annual growth to amount to 2.8%.