Washington Report

USDA’s May 2024 World Agricultural Supply and Demand Estimates (WASDE) report showed positive production trends for the broiler market, reflecting increased economic strength compared to last month’s report.

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

Chicken:  Broiler production is raised on higher bird weights and recent hatchery data. Broiler prices are raised on expected demand strength.

Corn:  The 2024/25 U.S. corn outlook is unchanged relative to last month. The season average price received by producers remains at $4.40 per bushel.

Soybean:  The 2024/25 outlook for U.S. soybeans includes higher beginning and ending stocks. Higher beginning stocks reflect reduced crush for 2023/24, down 10 million bushels on lower soybean meal domestic use that is partly offset by higher exports. With increased supplies for 2024/25 and no use changes, soybean ending stocks are projected at 455 million bushels, up 10 million. The soybean price is forecast at $11.20 per bushel, unchanged from last month. Soybean meal and oil prices are also unchanged, at $330 per short ton and 42 cents per pound, respectively.

The full report, from which this information was derived, can be found here.

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