December 4

12/4 – Chicken looks to be what’s on the menu for 2024. Following 11 months in the red, chicken producers finally turned profitable in Sept and look to stay that way. High prices for competing proteins have helped support chicken prices. While on the cost side, corn prices that averaged $6.43 per bushel for the first half of 2023, have tumbled to $4.64 (12/1). In its Nov WASDE report, the USDA was relatively pessimistic regarding broiler production, forecasting no gain in 2023, and just a 1.0% increase for 2024. Look for the USDA to adjust their output numbers a bit higher in Dec’s WASDE, which will be released on Friday. Seasonally, boneless skinless breast prices (unsized) are at or near a bottom for the year at $.97 per pound (USDA weighted avg on 12/1) – after averaging $1.55 for Sept/Oct. Look for BS breast prices to average roughly $1.30 in Q1 2024, up from $1.22 for Q1 2023.