This year could see a rare event in the U.S. meat production complex.
USDA forecasts a drop of 1.5 billion pounds for beef, which translates to more than 5.5 percent. Analysts have been projecting a tightening in the cattle market after drought and high feed costs forced many producers to reduce herd size.
However, USDA is projecting gains in pork, broilers, and turkeys. Despite that, officials say it will bring total U.S. meat production down from last year.
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