USDA’s May World Agricultural Supply and Demand Estimates (WASDE) report showed that the total U.S. red meat and poultry production for 2024 is forecast one percent below 2023, as lower beef and pork production offsets higher poultry production.
The 2023/24 U.S. corn outlook is higher due to larger production, greater domestic use and export, and higher ending stocks. Corn is projected to record 15.3 billion bushels, up more than 10 percent from last year on increases to both area and yield. The yield projection is 181.5 bushels per acre. Total corn supplies are forecast at 16.7 billion bushels, the highest since 2017/18. Total use has risen five percent compared to the prior year. Food, seed, and industrial use are projected to rise 55 million bushels to 6.7 billion. Corn use as ethanol is projected to increase one percent. Feed and residual use is projected higher on a larger crop and lower expected prices. Exports have risen 325 million bushels to 2.1 billion.
U.S. soybean supply and use forecasts for 2023/24 are lower when compared to 2022/23. Soybean crop is project at 4.51 billion bushels, up five percent from last year’s crop mainly on higher yields. Soybean supplies are forecast at 4.75 billion bushels, up four percent from 2022/23. Soybean crush for 2023/24 is project at 2.31 billion bushels, up 90 million from 2022/23 due to strong demand for biofuel feedstock.
Broiler production is up. This reflects declining feed costs and tight supplies of alternative meat proteins. Broiler production was lowered for the second quarter, but raised for the second half of the year as feed prices are expected to decline and second-half prices remain steady. Broiler exports are forecast higher on increased production. For 2023, broiler exports are raised largely on recent trade data. Export prices are forecast lower with increased production while prices, in general, are expected to raise based on recent data.
The full WASDE report can be found here.
Further detailed information can be found in the charts below.
| FEED GRAINS | 2021/22 | 2022/23 | 2023/24 Proj. | 2023/24 Proj. | |
| Est. | Apr | May | |||
| Million Acres | |||||
| Area Planted | 105.8 | 100.4 | NA | 103.6 * | |
| Area Harvested | 94.4 | 87.1 | NA | 92.6 * | |
| Metric Tons | |||||
| Yield per Harvested Acre | 4.21 | 4.11 | NA | 4.34 | |
| Million Metric Tons | |||||
| Beginning Stocks | 34 | 37.6 | NA | 38.5 | |
| Production | 397.5 | 358.2 | NA | 401.7 | |
| Imports | 2.3 | 3 | NA | 2.3 | |
| Supply, Total | 433.8 | 398.7 | NA | 442.6 | |
| Feed and Residual | 148.7 | 137.7 | NA | 147.3 | |
| Food, Seed & Industrial | 177.1 | 175 | NA | 176.5 | |
| Domestic, Total | 325.8 | 312.7 | NA | 323.7 | |
| Exports | 70.5 | 47.5 | NA | 59.4 | |
| Use, Total | 396.2 | 360.2 | NA | 383.1 | |
| Ending Stocks | 37.6 | 38.5 | NA | 59.5 | |
###
| Year and Quarter | U.S. Quarterly Animal Product Production (Broiler) |
U.S. Quarterly Prices for Animal Products (Broilers) |
|||
| Million Pounds | Cents/lb. | ||||
| 2022 | II | 11279 | 167.5 | ||
| III | 11896 | 136.1 | |||
| IV | 11861 | 123.5 | |||
| Annual | 46206 | 140.5 | |||
| 2023 | I | 11548 | 124.5 | ||
| II* | 11500 | 142 | |||
| III* | 12100 | 130 | |||
| IV* | 11900 | 130 | |||
| Annual | |||||
| Apr Proj. | 46900 | 130.4 | |||
| May Proj. | 47048 | 131.6 | |||
| 2024 | I* | 11760 | 127 | ||
| Annual | |||||
| Apr Proj. | NA | NA | |||
| May Proj. | 47820 | 129 | |||
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| Meat Supply and Use (Broilers in Millions per Pound) |
||||||||
| Start Stocks |
Production | Imports | Total Supply |
Exports | Ending Stocks |
Total Use |
||
| 2022 | 705 | 45711 | 176 | 46593 | 7278 | 892 | 38423 | |
| 2023 Proj. | Apr | 892 | 46398 | 60 | 47351 | 7360 | 880 | 39111 |
| May | 892 | 46545 | 68 | 47505 | 7383 | 880 | 39242 | |
| 2024 Proj. | Apr | NA | NA | NA | NA | NA | NA | NA |
| May | 880 | 47308 | 40 | 48228 | 7570 | 900 | 39758 | |
