USDA has raised its forecast for production in 2022 from last month due to current slaughter and hatchery data in the latest World Agricultural Supply and Demand Estimates (WASDE) report.
Broiler production is raised on more rapid expected growth in bird number later this year. Broiler export forecasts for 2022 are raised on recent trade data, but 2023 exports are lowered. Price forecasts for broilers are unchanged for 2022 and 2023, the report said.
The report estimated 93.3 million acres of corn planted through December 2022 and is projecting 88.6 million acres for 2023. 2022 yield is 176.7 bushels per acre and 2023 is projected at 172.3 bushels per acre.
USDA estimated 87.2 million acres of soybeans planted through December 2022 and is still projecting 87.5 million acres for 2023. 2022 yield is 51.7 bushels per acre and 2023 is projected to be 50.2 bushels per acre, an increase from October.
The full report can be found here.
