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02 May 2024 | 21:57 UTC
Highlights
US chicken leg quarter exports decline to lowest level since mid-2019
Unit value rises to highest level in 19 months at 52 cents/lb
The US exported its lowest amount of frozen chicken leg quarters in almost five years in March, but sellers managed to reach the highest value for the product since the third quarter of 2022, according to US Department of Agriculture data released May 2.
The USDA's Foreign Agricultural Service reported about 106,000 mt of frozen chicken leg quarters -- the primary chicken product export -- were exported in March. That is the lowest monthly total for CLQ exports since June 2019, with exports having peaked in October 2022 at 162,559 mt.
Bird flu, or highly pathogenic avian influenza, has made US chicken less marketable globally. China, for example, has banned imports of chicken from 36 US states, including all of the largest producers such as Georgia, Alabama and Arkansas.
While China has stepped back on importing US product, Taiwan recently recognized Georgia, New Jersey and Nevada as HPAI-free zones, giving the green light for more US chicken imports.
Although chicken exports have fallen, the value of it has not. Exported chicken leg quarters averaged $1,144/mt, or 52 cents/lb, in March. Chicken leg quarters prices have risen in five of the past six months and are at the highest level since September 2022, USDA data showed.
The US is the world's top chicken producer and second-largest exporter behind Brazil.
Corn, soybean meal and dried distillers grains with solubles are among the top drivers for the price of chicken, given their use as poultry feed. Assuming a ratio of 65% corn, 19% soybean meal and 16% DDGS, chicken leg quarters traded at 5.1 times the price of feed in March, according to an analysis March assessments for the products from Platts, part of S&P Global Commodity Insights. Bulk poultry feed would have cost $226/mt in March.
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