2024 Poultry sector outlook: Strong demand supports profitability

Prices in 2024 are expected to be higher year-over-year (YoY) for each poultry subsector (broilers, turkeys and layers) in the East and the West (Table 1), supported by continued strength of demand from households and foodservice sectors.

Despite some headwinds from production slowdowns, high feed costs and a recent change in tariff rate quotas for poultry, broiler operation profitability will be positive throughout the outlook period.

While feed costs have fallen from their highs in 2022, Western canola, representing meal and wheat rations will be pressured by 2023’s drought-limited production. Eastern soybeans may stay elevated with Brazil’s weather challenging production amid strong global demand.

The year 2015 was just before a national election – which have major influences on policy paths, administration goals, and how farmers feel about their future.