November 7

11/7 - The long-awaited rebound in chicken production finally arrived in September. Chicken in cold storage on Oct 1 was up 4.9% from Sept 1 and 18.5% above a year ago. The broiler hatchery flock is above year ago levels. Chicks placed for grow out are running 4.3% above a year ago since Aug 1. The USDA is forecasting Q4 chicken output to be up 3.2% from a year ago. As a result, prices have plummeted and look to remain weak through Q1. Boneless, skinless breast prices look to average roughly $1.10 per pound in Q4 2022, vs $2.29 in Q3 2022 and $1.95 in Q4 2021. Tenders are projected to average $1.15 in Q4 2022, vs $3.18 in Q3 2022 and $2.59 in Q4 2021. Wings look to be $1.05 per pound in Q4 2022, vs $1.23 in Q3 2022 and $2.80 in Q4 2021. Boneless, skinless thigh meat should average near $1.00 in Q4 2022, vs $1.97 in Q3 2022 and $1.74 per pound in Q4 2021.