Broiler production in 2022 was adjusted up on recent production and hatchery data, while exports were revised down in 2022 and 2023 reflecting corrected data. Broiler price forecasts were adjusted down on recent price trends and strong availability, according to USDA’s latest Livestock, Dairy, and Poultry Outlook report.
Broiler meat in cold storage climbed 23.2 million pounds from May to the end of June to reach 736.4 million pounds, 5.2 percent higher than June 2021. The largest contributors to this increase were breast meat (+9.1 million pounds), wings (+10.4 million pounds), and other parts and forms (+13.2 million pounds).
Chicken wings in cold storage increased for the second month and at the end of June were at their highest since 2018. At the same time, wing prices have been steadily falling from a high of 325 cents per pound in May 2021. They averaged 168.2 cents per pound in July, the lowest monthly average since May 2020.
Stocks of breast meat in cold storage are still below last year’s levels but have been growing slowly since the start of the year. Breast meat prices fell from a peak of 352.1 cents per pound in May to a July average of 282.4 cents per pound, which is still a dollar above the same time last year.
Leg quarters accounted for the largest decrease in stocks (-7.5 million pounds) and have been falling since April. Wholesale leg quarter prices have been slowly but steadily climbing for the same period, though they are still one of the cheapest parts of the chicken, priced at 61.2 cents per pound in July.
The full report can be found here.
