Chicken prices remain a head of a year-ago on strong consumer trends, Rabobank reported in its October North American Agribusiness Review, released Thursday.
In its “Poultry” review, Rabobank noted:
- Ready-to-cook chicken production has averaged 1.5% above year-ago over the last two months, as heavier weighted birds (+2.6% YOY) more than offset reduced chicken availability.
- Chicken prices will remain well ahead of year-ago levels despite a seasonal slowdown in demand and softer export trends.
- September chicken export volumes were weak, down 13% YOY at 269,000MT, while total export value increased by 1% YOY.
- Mexican chicken prices have stabilized.
Switching to cattle, fed cattle supplies “remain comparable to last year” and fall beef demand has proven “resilient,” the report also noted. Consumer beef demand so far this year is 5% above last year “and remains the second highest in 30 years.”
Consumers, however, also are buying less at the grocery store and at restaurants amid mixed inflation numbers. Grocery store purchases in the current year’s third quarter were down 2.8% and restaurant spending fell 6.6%, the review said.
The full report can be found by clicking here.
