USDA released its 2020 Farm Income forecast yesterday. It has been a tough year for broilers. Receipts are expected to fall $6.7 billion (23.7 percent) in 2020, because of significantly lower prices.
Despite recovered processing margins so far for the second half of the year, margins to date are 16 percent below last year. Heavier birds have kept broiler meat production steady despite fewer birds slaughtered. For Q3 2020, broiler meat production is down 0.4 percent, based on a reduction in slaughter of 1.6 percent.
There is continued pressure on the sector with more COVID uncertainty hanging over what is now otherwise steady demand. And then there are feed costs, which are a direct cost for chicken companies’ cost of goods sold...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
