USDA’s November 2023 World Agricultural Supply and Demand Estimates (WASDE) report indicated a general decline in broiler production resulting from lowered eggs set and chicks placed data.

Below are key takeaways from the report for industry-relevant sectors.

Chicken: The forecast for 2023 red meat and poultry production is lowered from last month with lower beef, pork, broiler, and turkey forecasts. Broiler production is lowered as eggs set and chicks placed data point towards further production declines in the fourth quarter. The pace of broiler production growth is reduced from last month. Broiler exports forecasts for 2023 are lowered based on recent trade data, with the lowered outlook carrying over into the 2024 export forecast due to weaker international demand and tighter domestic supplies. The price forecast for 2023 is lowered on recent data, but 2024 forecasts are raised with the reduction in expected production. The broiler price forecast for 2023 is lowered on recent data, but 2024 forecasts are raised with the reduction in expected production.

Corn: This month’s 2023/24 U.S. corn outlook is for larger production, domestic use, exports, and ending stocks. Corn production is forecast at 15.2 billion bushels, up 170 million from last month on a 1.9-bushel increase in yield to 174.9 bushels per acre. With larger supplies, feed and residual use is raised 50 million bushels to 5.7 billion and corn used for ethanol is raised 25 million bushels to 5.3 billion. Exports are raised 50 million bushels to 2.1 billion. With supply rising more than use, corn ending stocks are up 45 million bushels to 2.2 billion. The season-average corn price received by producers is lowered 10 cents to $4.85 per bushel. Global coarse grain production for 2023/24 is forecast up 4.8 million tons to 1,499.3 million.

Soybean: The U.S. soybean outlook for 2023/24 includes increased production and ending stocks. Soybean production is forecast at 4.13 billion bushels, up 25 million on higher yields. The largest production changes are for Wisconsin, Tennessee, North Dakota, South Dakota, and Ohio. With crush and exports unchanged, soybean ending stocks are raised to 245 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.90 per bushel, unchanged from last month. The soybean oil price is reduced 2.0 cents to 61.0 cents per pound. The soybean meal price is unchanged at $380.00 per short ton. The global 2023/24 soybean supply and demand forecast includes lower beginning stocks, higher production, higher crush, and lower ending stocks.

The full WASDE report can be found here.

 

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FEED GRAINS 2021/22 2022/23 Est. 2023/24 Proj. 2023/24 Proj.
Oct Nov
Million Acres
Area Planted 105.8 100.5 107.7 107.7
Area Harvested  94.4 87 96.7 96.7
Metric Tons
Yield per Harvested Acre 4.21 4.11 4.1 4.13
Million Metric Tons
Beginning Stocks 34 37.6 37 37
Production 397.5 357.8 396.6 400
Imports 2.3 2.9 2.4 2.4
    Supply, Total 433.8 398.3 436 439.4
Feed and Residual 148.7 144.2 146 147
Food, Seed & Industrial 177 172.1 175.9 176.5
    Domestic, Total 325.7 316.3 321.8 323.5
Exports 70.5 45 57.8 58.4
    Use, Total 396.2 361.3 379.6 381.9
Ending Stocks 37.6 37 56.4 57.5

 

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Year and Quarter U.S. Quarterly Animal Production
(Million Pounds)
U.S. Quarterly Prices for Animal Products
(Cents/Lbs)
2022 IV 11861 123.5
Annual 46206 140.5
I 11549 124.5
II 11545 139.3
III 11665 115.3
IV* 11450 116
Annual
Oct Proj. 46494 124
Nov Proj. 46209 123.8
I* 11450 121
II* 11650 127
III* 11850 124
Annual
Oct Proj. 47110 122
Nov Proj. 46650 124

 

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Meat Supply and Use
(Broilers in Millions per Pound)
Start
Stocks
Prod. Imports Total
Supply
Exports Ending
Stocks
Total
Use
Per
Capita
2022 705 45711 176 46593 7290 892 38411 98.9
2023 Proj. Oct 892 45996 118 47006 7303 870 38834 99.5
Nov 892 45714 130 46737 7180 850 38707 99.2
2024 Proj. Oct 870 46606 134 47610 7380 890 39340 100.2
Nov 850 46151 164 47165 7270 860 39035 99.4