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07 Aug 2024 | 18:56 UTC
Highlights
US on track to export lowest amount of CLQs since 2002
However, higher US demand has contributed to stable prices
Chicken feed costs have dropped with lower grain prices
The value of US chicken leg quarters exported in June reached their highest level in nearly two years while the volume sold globally edged higher but remained well off recent historical norms, US Department of Agriculture data shows.
The US exported about 110,800 mt of chicken leg quarters in the most-recent month of data available, the highest level since January after having hit an almost eight-year low in April. However, while exports have risen slightly in the past few months, the US remains on pace to export in 2024 its lowest amount of CLQs since 2002. US chicken leg quarter exports averaged 134,500 mt/month from 2019-2023 but have averaged about 108,000 mt/month in 2024.
Frozen chicken leg quarters are the main chicken meat export product from the US, comprising 43% of total US chicken exports this year. However, US chicken has become less marketable abroad since highly pathogenic avian influenza, or bird flu, began to spread among US poultry flocks after the first instance in February 2022.
The US is exporting less chicken meat abroad. However, rising domestic consumption and lower inventories have helped support its value. Chicken leg quarters averaged $1,192/mt, or 54 cents/lb in June. US CLQs averaged $1,046/mt in 2023 and $1,114/mt in 2022, USDA data showed.
Platts assessed frozen chicken leg quarters for export at $1,102/mt, or 50 cents/lb, on Aug. 6. Platts is part of S&P Global Commodity Insights.
The stability in CLQs is notable because chicken feed, the main driver of chicken meat prices, has gradually weakened in recent years on the back of declining values for corn, soybean meal, and corn DDGS, which make up 88% of chicken feed, according to industry estimates.
Bulk chicken feed would cost around $273/mt based off Platts assessments and USDA posted prices for around half of the roughly 30 chicken feed ingredients. By comparison, chicken feed would have cost $383/mt in 2023 and $441/mt in 2022, data shows.
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