US protein outlook shifts by species, not as a single supply story

USDA’s November WASDE update requires the U.S. protein market to be read by species and use, rather than as one aggregate number. For 2026, USDA lowered its combined red-meat-and-poultry production forecast from October’s 107.570 billion pounds to 107.371 billion pounds. The aggregate revision is modest, but it combines divergent movements that matter for purchasing, assortment planning and exports.