Today’s WASDE puts total red meat and poultry production down slightly based on reduced output of broilers and pork. Beef production is up based on non-fed cattle slaughter. Broiler slaughter has been down so far this year while hog slaughter is slowing though slaughter weights are still high. So far this year, slaughter weights have averaged 293 pounds compared to 289 for the same period last year and 286 during 2019.

Pork demand has been strong so far this year. A rebound in the economy is supporting demand. While export totals for the year are forecast to be down from 2020 levels, last week’s export sales report showed big gains at 59,600 tons, up 86 percent from the prior four-week average and peaking at the highest level...