Poultry Report

August 4, 2009

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The chicken leg quarter and breast markets continue to be surprisingly weak. Chicken exports are likely waning which also would be surprising given the relatively deflated US dollar that has occurred during July. Chicken production continues to trend well below year ago levels and broiler egg set data suggests that producers are remaining disciplined, so far, maintaining output cutbacks. However, Sanderson Farms, a major US chicken producer, did recently announce the restart of some expansion plans. History suggests that the boneless skinless breast market should bottom soon. June 30th chicken breast (8%), leg quarter (24%) and wing (23%) stocks were all notably less than the previous year.

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