Market Outlook

  

See the latest Livestock, Dairy, and Poultry Outlook report.

Summary
Poultry/Eggs: Broiler production in 2024 is adjusted up on strong average weights and hatchery data, as well as on favorable feed prices. Projected broiler exports are adjusted down on recent data, while projected wholesale broiler prices are adjusted up on recent data and strong demand. Projected table egg production in 2024 is adjusted down based on recent losses due to highly pathogenic avian influenza (HPAI). Projected 2024 egg prices are adjusted up on recent data and lower supply expectations. Egg and egg product exports were adjusted up slightly for 2024 on recent data. Estimated turkey production was adjusted up slightly in the first quarter of 2024 on stronger-than-previously-expected February production. Projected turkey exports are unchanged, while projected imports are lowered on decreased shipments from Chile. Projected turkey prices are adjusted down for 2024 on recent data and weaker demand.

Total Red Meat and Poultry Production Projected To Grow Again in 2024 After Last Year’s Decline
Total red meat and poultry production is forecast to increase 0.84 percent in 2024. This follows a year of decreased production in 2023, the first since 2014. Increased production of pork, broilers, and turkey in 2023 were all offset by a large decline in beef production. Looking to 2024, beef production is again forecast to fall due to tightening cattle supplies, with turkey production expected to be slightly lower as well. However, these decreases are anticipated to be more than offset by higher pork and broiler production, raising total red meat and poultry production by nearly 1 percent.