USDA on Wednesday released the March World Agricultural Supply and Demand Estimates (WASDE) report, which showed broiler production and prices increasing in the first quarter based on recent data.

The 2022/2023 U.S. corn outlook is lower for exports and larger ending stocks. Exports are reduced 75 million bushels. With no other changes, ending stocks are up 75 million bushels from last months. The season-average corn price received by producers is lowered 10 cents to $6.60 per bushel based on reported prices to date.

Soybean supply and use changes for 2022/2023 include higher exports, lower crush, and reduced ending stocks compared to last month’s report. Soybean crush is reduced on a small reduction in domestic soybean meal disappearance combined with a higher extraction rate. The U.S. season-average soybean price forecast for 2022/2023 remains unchanged at $14.30 per bushel. The soybean meal price is forecast at $465 per short ton, up $15.

Broiler production is raised for the first quarter on recent hatchery data and the current pace of slaughter.  Trade projections for broilers remain unchanged.  Broilers prices are projected higher in the first quarter based on recent data.

The full WASDE report can be found here.

Further information can be found in the charts below:

 

FEED GRAINS 2020/21 2021/22 Est. 2022/23 Proj. 2022/23 Proj.
Feb Mar
Million Acres
Area Planted 102.3 105.8 100.4 100.4
Area Harvested  90.6 94.4 87.1 87.1
Metric Tons
Yield per Harvested Acre 4.11 4.21 4.11 4.11
Million Metric Tons
Beginning Stocks 51.8 34 37.6 37.6
Production 372.6 397.5 358.2 358.2
Imports 2.2 2.3 3.2 3.2
    Supply, Total 426.6 433.8 398.9 398.9
Feed and Residual 146.7 148.6 137.7 137.7
Food, Seed & Industrial 168.8 177.1 175.2 175.2
    Domestic, Total 315.4 325.8 312.9 312.9
Exports 77.2 70.5 51.3 49.4
    Use, Total 392.6 396.2 364.3 362.3
Ending Stocks 34 37.6 34.6 36.5

 

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Year and Quarter U.S. Quarterly Animal Product Production
(Broilers)
U.S. Quarterly Prices for Animal Products
(Broilers)
Million lbs. Cents/lb.
2021 Annual 44,899 101.2
2022 I  11,170 135.1
II 11,279 167.5
III 11,896 136.1
IV 11,861 123.5
Annual
Feb Est. 46,201 140.5
Mar Est. 46,206 140.5
2023 I* 11,400 123
II* 11,550 127
III* 12,000 128
IV* 11,800 129
Annual
Feb Proj. 46,700 126.5
Mar Proj. 46,750 127

 

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Meat Supply and Use
(Broilers in Millions per Pound)
Start

Stocks

Production   Imports Total
Supply
Exports Ending
Stocks
Total
Use
Per Capita
2021 830 44419 155 45403 7355 705 37343 96.5
2022

Est.

Feb 705 45707 176 46588 7278 892 38418 98.9
Mar 705 45711 176 46593 7278 892 38423 98.9
2023

Proj.

Feb 892 46200 160 47253 7315 840 39098 100.2
Mar 892 46250 160 47302 7315 860 39127 100.2