USDA raised its total red meat and poultry production forecast for the year in yesterday’s WASDE report. Broilers were down based on year-to-date slaughter, but the rest of the year projections were not changed. Chicken demand is strong, especially with fast food featuring chicken sandwiches – in fact, Wendy’s raised its 2021 earnings outlook yesterday based in part on its new chicken sandwich and KFC and McDonalds are also featuring chicken sandwiches. Pork is down slightly based on expected lighter slaughter weights as feed costs increase. Those changes, however, are offset by the beef production forecast, which was raised based on slaughter volumes.

This is also the first monthly WASDE report to add forecasts for 202...