USDA’s October 2024 World Agricultural Supply and Demand Estimates (WASDE) report raised the forecast for 2025 for broiler products due to a higher price outlook due to an increase in overall demand.

Chicken: The forecast for 2024 red meat and poultry production is raised from last month, as higher beef production more than offsets lower pork, broiler, and turkey production. Broiler production for the third quarter is reduced based on recent slaughter data. This more than offsets a higher fourth quarter forecast due to recent hatchery data. The forecast for 2025 red meat and poultry production is raised on higher beef, pork, and broiler production. Broiler production is raised due to a higher price outlook. The broiler export forecast is lowered for 2024 on recent trade data and weaker competitiveness relative to other major exporters. The broiler export forecast for 2025 is also lowered, as increased competition from other major exporters is expected to carry into 2025. The broiler price forecasts for 2024 and 2025 are raised on recent price data and expected demand strength.

Corn: This month’s 2024/25 U.S. corn outlook is for smaller supplies, larger exports, and reduced ending stocks. Projected beginning stocks for 2024/25 are 52 million bushels lower based on the Grain Stocks report. Corn production is forecast at 15.2 billion bushels, up 17 million from last month on a 0.2-bushel increase in yield to 183.8 bushels per acre. Harvested area for grain is unchanged at 82.7 million acres. Total use is raised slightly to 15 billion bushels reflecting greater exports. With supply falling and use rising, ending stocks are cut 58 million bushels to two billion. The season-average corn price received by producers is unchanged at $4.10 per bushel.

Soybean: Soybean production is forecast at 4.6 billion bushels, down 4 million on lower yields. Harvested area is unchanged at 86.3 million acres. The soybean yield is projected at 53.1 bushels per acre, down 0.1 bushels from the September forecast. With lower production partly offset by slightly higher beginning stocks, supplies are lowered two million bushels to 4.9 billion. With a slightly lower residual and no change to exports and crush, ending stocks are unchanged from last month at 550 million bushels.

The entire October 2024 report can be found here.

Year and Quarter U.S. Quarterly Broiler Production
(Million Pounds)
U.S. Quarterly Prices for Broiler Products
(Cents/Lbs)
2023 IV 11,611 118.5
Annual 46,387 124.4
2024 I 11,430 128.0
II 11,654 132.1
III 11,900 127.4
IV* 12,100 129.0
Annual
Sep Proj. 47,109 128.0
Oct Proj. 47,084 129.1
2025 I* 11,700 130.0
II* 11,825 133.0
III* 12,200 127.0
Annual
Sep Proj. 47,675 128
Oct Proj. 47,825 129

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U.S. Broiler Supply and Use
(Million Pounds)
Start
Stock
Prod. Imports Total
Supply
Exports Ending
Stocks
Total
Use
Per Capita
2023 892 45,890 131 46,914 7,260 835 38,819 99.5
2024 Proj. Sep 835 46,605 148 47,588 6,766 805 40,017 102.0
Oct 835 46,580 148 47,563 6,721 800 40,042 102.1
2025 Proj. Sep 805 47,165 160 48,130 6,875 805 40,450 102.5
Oct 800 47,313 160 48,273 6,810 805 40,658 103.1