China lifted its ban on U.S. poultry meat in November, which was the basis for increasing the 2020 broiler export forecast. Based on production indicators and expected support from increased exports, the 2020 broiler production forecast was ramped-up. This increase in production is expected to increase broiler cold storage inventories; ending stocks forecasts for 2020 were increased.
The 2020 price forecast was revised down based on the expectation that increased supply would put pressure on prices. The table and hatching egg production forecasts were increased on production indicators and expectation for increased broiler production, respectively.
The 2020 ending stocks forecast was raised on the expectation that dried stock inventories will continue to accumulate. The 2020 egg price forecast was raised on the expectation of continued firmness in demand in the face of increased production, while the 2019 egg export forecast was increased on October export data.
The Turkey production forecast was unchanged, while the turkey ending stocks forecast was decreased on faster-than-expected draw-down of cold storage inventories. The fourth-quarter turkey price forecast was increased slightly on recent price movements. The 2020 turkey export forecast was increased on the expectation of greater demand from China. Follow the link to view USDA’s full Livestock, Dairy, and Poultry Outlook report.
