The US is expecting a decline in poultry production
The American poultry sector is going to witness significant changes in the following months, according to the latest CME Group outlook for the sector. Starting last year, production figures for turkey sector have declined by 1.7% and are expected to decline by 5% in 2019 due to drastic price declines of 20% on whole birds in 2018, says the report.
Total chicken production is expected to moderate to a 1% increase year-over-year in 2019 and is expected to decline significantly in 2020 based on large negative returns seen since the second half of 2018 for the large bird sector.
"Competing proteins offered inexpensively in the grocery store has taken its toll on returns in the heavier bird market. Those margins are not expected to improve significantly with beef and pork production continuing to expand, albeit at a slower rate", believe the analysts.
The volume of chicken meat in cold storage is expected to reach 450,000 tonnes this year and will likely become a driver to this commodity profile in 2020.
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