June 3

6/3 – In May’s WASDE report, the USDA revised 2024 U.S. broiler production from 1.5% to just 0.9% above a year ago. Feed prices, which bottomed out in February, have bounced back in recent months but are still favorable for producers. However, breeder issues continue to plague the broiler industry. Eggs set and chicks placed through the week ending 5/25/24 are up just 1.0% and 0.6%, respectively, from a year ago. Boneless, skinless chicken breast prices (USDA unsized weighted average), at $1.83 per pound (5/31), may have seen their season market peak over the past two weeks and should be trending lower through summer. Breast prices will probably remain in the low $1.80s through July 4th, and then start heading steadily toward $1.40 by Sept. Wings (USDA whole jumbo) are at a counter-seasonal, multi-year high of $2.42/lb, but should be back below $2.00 by mid-summer.