World Board Outlook Chair, Mark Jekanowski, said there were pretty small changes in USDA's beef production forecast.

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"What we're seeing there is an increased slaughter forecast for the second half of the year being largely offset by lighter carcass weights."

He said the situation with pork is a bit different.

"We pulled back our pork production forecast by about 400 million pounds and that's reflecting tighter supplies expected through balance of the year."

Meanwhile, price forecasts for steers and hogs increased month over month.

"We increased our steer price forecast by $1.50 per hundred weight, so that would be up about $7.74 year over year. And hog price forecast we usually increased this month by $9.93 per hundred weight. So very big increase and that would be up $22.50 year over year."

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