U.S. cattle, hog and poultry producers are expanding production, the government said in forecasting a sharp 3-percent increase in per-capita meat consumption this year. In its monthly WASDE report, the Agriculture Department raised its forecast of meat production by more than 1 billion pounds for this year. It estimated that the average American would consume 208.5 pounds of beef, pork and poultry in 2015, the equivalent of 9 ounces a day. The 2015 forecast is an increase of 6.2 pounds from last year’s consumption rate, when tight supplies and high demand propelled beef and pork to record-high prices in the grocery store.
“Larger meat supplies are expected to pressure prices for livestock and poultry,” said the USDA. It lowered its estimate of the average price of slaughter hogs by 10 percent, slaughter cattle by 3 percent and broiler chickens by 3 percent. There was no change in the forecast for egg or milk prices.