World Agricultural Outlook Board Chair Mark Jekanowski  on the main take away from June's Meat Production and Price forecast.

"Our steer price forecast we raised our 2021 steer price forecast by 75 cents CWT just reflecting current price strength that we've been seeing in the market. But we raised our hog price forecast even much further by about $3 CWT to $70.18 CWT. And again that's just reflecting the prices that we're seeing in the market. And very strong demand we anticipate that will carry in to next year."

Jekanowski adds hog prices also increased by 50 cents for next year. An increase in beef and pork exports is expected for 2021 and 2022.

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