USDA on Wednesday released the February World Agricultural Supply and Demand Estimates (WASDE) report, which showed broiler production in the first quarter up slightly.
Corn exports are reduced 75 million bushels reflecting the poor pace of sales and shipments to date despite relatively competitive U.S. prices, according to USDA. With no other use changes, ending stocks are up 75 million bushels from last month. The season-average corn price received by producers is lowered 10 cents to $6.60 per bushel based on reported prices to date.
Soybean crush is reduced on a small reduction in domestic soybean meal disappearance combined with a higher extraction rate. With higher exports more than offsetting lower crush, ending stocks are reduced 15 million bushels to 210 million. The soybean meal price is forecast at $465 per short ton, up $15.
Broiler production is raised for the first quarter on recent hatchery data and the current pace of slaughter. Prices are projected higher in the first quarter on recent data.
| U.S. Feed Grain Use | |||||
| FEED GRAINS | 2020/
21 |
2021/
22 Est. |
2022/
23 Proj. |
2022/
23 Proj. |
|
| Feb | Mar | ||||
| Million Acres | |||||
| Area Planted | 102.3 | 105.8 | 100.4 | 100.4 | |
| Area Harvested | 90.6 | 94.4 | 87.1 | 87.1 | |
| Metric Tons | |||||
| Yield per Harvested Acre | 4.11 | 4.21 | 4.11 | 4.11 | |
| Million Metric Tons | |||||
| Beginning Stocks | 51.8 | 34 | 37.6 | 37.6 | |
| Production | 372.6 | 397.5 | 358.2 | 358.2 | |
| Imports | 2.2 | 2.3 | 3.2 | 3.2 | |
| Supply, Total | 426.6 | 433.8 | 398.9 | 398.9 | |
| Feed and Residual | 146.7 | 148.6 | 137.7 | 137.7 | |
| Food, Seed & Industrial | 168.8 | 177.1 | 175.2 | 175.2 | |
| Domestic, Total | 315.4 | 325.8 | 312.9 | 312.9 | |
| Exports | 77.2 | 70.5 | 51.3 | 49.4 | |
| Use, Total | 392.6 | 396.2 | 364.3 | 362.3 | |
| Ending Stocks | 34 | 37.6 | 34.6 | 36.5 | |
###
| Year and Quarter | U.S. Quarterly Animal Product Production (Broilers) |
U.S. Quarterly Prices for Animal Products (Broilers) |
|||
| Million | Cents/lb. | ||||
| 2021 | Annual | 44899 | 101.2 | ||
| 2022 | I | 11170 | 135.1 | ||
| II | 11279 | 167.5 | |||
| III | 11896 | 136.1 | |||
| IV | 11861 | 123.5 | |||
| Annual | |||||
| Feb Est. | 46201 | 140.5 | |||
| Mar Est. | 46206 | 140.5 | |||
| 2023 | I* | 11400 | 123 | ||
| II* | 11550 | 127 | |||
| III* | 12000 | 128 | |||
| IV* | 11800 | 129 | |||
| Annual | |||||
| Feb Proj. | 46700 | 126.5 | |||
| Mar Proj. | 46750 | 127 | |||
###
| US Meat Supply and Use – Broilers (in millions) | |||||||||||
| Item | Start stocks |
Production | Imports | Supply | Exports | Ending Stocks |
Total Use |
Per Capita | |||
| Broiler | 2021 | 830 | 44419 | 155 | 45403 | 7355 | 705 | 37343 | 96.5 | ||
| 2022 Est. | Feb | 705 | 45707 | 176 | 46588 | 7278 | 892 | 38418 | 98.9 | ||
| Mar | 705 | 45711 | 176 | 46593 | 7278 | 892 | 38423 | 98.9 | |||
| 2023 Proj. | Feb | 892 | 46200 | 160 | 47253 | 7315 | 840 | 39098 | 100.2 | ||
| Mar | 892 | 46250 | 160 | 47302 | 7315 | 860 | 39127 | 100.2 | |||
###
The full report can be found here.
