Washington Report

USDA’s October 2023 World Agricultural Supply and Demand Estimates (WASDE) report indicated a general decline in broiler production for CY2023 based on hatchery and slaughter data. Additionally, recent hatchery data has curbed growth expectations for 2024.

Chicken: The forecast for 2023 red meat and poultry production is lowered from last month, as higher beef and pork production is more than offset by lower broiler and turkey. Broiler production is lowered on current hatchery and slaughter data. Broiler production forecasts are lowered on recent hatchery data and expectations for modest growth in production during the year.

Corn: This month’s 2023/24 U.S. corn outlook is for reduced supplies, lower feed and residual use and exports, and smaller ending stocks. Corn production is forecast at 15.064 billion bushels, down 70 million on a cut in yield to 173.0 bushels per acre. Corn supplies are forecast at 16.451 billion bushels, a decline of 160 million bushels from last month, with lower production and beginning stocks. Exports are reduced 25 million bushels reflecting smaller supplies and slow early-season demand. Feed and residual use is down 25 million bushels based on lower supply. With supply falling more than use, corn ending stocks for 2023/24 are lowered 110 million bushels. The season-average corn price received by producers is raised 5 cents to $4.95 per bushel.

Soybeans: U.S. oilseed production for 2023/24 is forecast at 120.9 million tons, down 1.3 million from last month with lower soybean, cottonseed, peanut, rapeseed, and sunflower seed production. Soybean production is forecast at 4.1 billion bushels, down 42 million on lower yields. Harvested area is unchanged at 82.8 million acres. The soybean yield is projected at 49.6 bushels per acre, down 0.5 bushels from the September forecast. The largest production changes are for Kansas, Michigan, and Nebraska. With lower production partly offset by higher beginning stocks, supplies are reduced 24 million bushels. Soybean exports are reduced 35 million bushels to 1.76 billion with increased competition from South America. Soybean crush is projected at 2.3 billion bushels, up 10 million, driven by higher soybean meal exports and soybean oil domestic demand. Soybean oil domestic use is raised in line with an increase for 2022/23. With lower exports partly offset by increased crush, ending stocks are unchanged from last month at 220 million bushels.

The full WASDE report can be found here.

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