USDA on Wednesday released the March World Agricultural Supply and Demand Estimates (WASDE) report, which showed broiler production and prices increasing in the first quarter based on recent data.
The 2022/2023 U.S. corn outlook is lower for exports and larger ending stocks. Exports are reduced 75 million bushels. With no other changes, ending stocks are up 75 million bushels from last months. The season-average corn price received by producers is lowered 10 cents to $6.60 per bushel based on reported prices to date.
Soybean supply and use changes for 2022/2023 include higher exports, lower crush, and reduced ending stocks compared to last month’s report. Soybean crush is reduced on a small reduction in domestic soybean meal disappearance combined with a higher extraction rate. The U.S. season-average soybean price forecast for 2022/2023 remains unchanged at $14.30 per bushel. 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. Trade projections for broilers remain unchanged. Broilers prices are projected higher in the first quarter based on recent data.
The full WASDE report can be found here.
Further information can be found in the charts below:
| 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 lbs. | Cents/lb. | ||
| 2021 | Annual | 44,899 | 101.2 |
| 2022 | I | 11,170 | 135.1 |
| II | 11,279 | 167.5 | |
| III | 11,896 | 136.1 | |
| IV | 11,861 | 123.5 | |
| Annual | |||
| Feb Est. | 46,201 | 140.5 | |
| Mar Est. | 46,206 | 140.5 | |
| 2023 | I* | 11,400 | 123 |
| II* | 11,550 | 127 | |
| III* | 12,000 | 128 | |
| IV* | 11,800 | 129 | |
| Annual | |||
| Feb Proj. | 46,700 | 126.5 | |
| Mar Proj. | 46,750 | 127 | |
###
| Meat Supply and Use (Broilers in Millions per Pound) |
||||||||||
| Start
Stocks |
Production | Imports | Total Supply |
Exports | Ending Stocks |
Total Use |
Per Capita | |||
| 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 | ||
