The chicken market in the U.S. has been experiencing fluctuations in prices and demand in recent times. In this report, we will analyze the chicken market based on two reports, one from April 24, 2023, and the other from April 21, 2023. We will provide insights for non-experts, explaining the trends and outlook for the near future.
According to Urner Barry's exclusive market intel report posted on April 24, 2023, the current sentiment is somewhat casual, and buyers and sellers are attempting to gauge upcoming business and product availability. Whole chickens and WOGs continue to be in a well-cleared position, and buying interest is present but somewhat cost-sensitive. Turning to boneless, availability is mostly adequate to start the week. Tenders remain short of buyer needs and are rated full steady to firm. As for wings, movement is consistent, but it is also highly price-sensitive. As for the back half of the bird, demand for leg quarters in the US and Mexico is continuing to gain steam. Whole legs are likewise seeing consistent demand in the domestic and export arenas, which is further constricting spot supplies.
The market tone on April 21, 2023, was relatively bullish. The demand for WOGs, tenders, boneless breasts, and several bone-in back half lines was consistent, resulting in modest advances in paid prices. Whole chickens were in a solid position overall, while the wing complex was the glaring exception to the tone. The outlook was region-specific, with disease complications and anticipated “week or the twos” outreach from within the retail sector affecting certain players.
Overall, it seems that the market is slowly recovering from the pandemic-related disruptions. However, as evidenced from both reports, there are certain areas where the market is more sensitive to pricing and demand, such as tenders and wings. Therefore, buyers must be vigilant in scouting for the best possible price before committing to purchasing. We predict that the market will continue to stabilize as the demand for chicken grows.
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