For 2014, broiler meat production is forecast 3% higher at 38.9 billion pounds. Producers responded to higher broiler prices in 2012 by beginning to up production in late 2012. However, high feed prices in late 2012 and early 2013 kept the expansion in check. Production rose more rapidly in the second half of 2013 as feed prices declined.
The National Composite wholesale broiler price is forecast to average 94 cents to $1.01 per pound in 2014, compared with an average of $1.00 in 2013.
Despite higher production, tight supplies of beef and improving economic conditions are likely to support stronger demand for broiler meat. Increased demand for broiler meat is likely to be manifested in higher retail prices. For 2014, composite retail broiler price is forecast to average about 1% higher than 2013's $1.96 per pound.
Turkey production for 2014 is forecast to rise about 1% to 5.85 billion pounds. Production has been consistently below year-earlier since August. Despite declining feed prices, weak turkey prices have likely delayed expansion plans.
USDA forecasts the National turkey hen price to average $1.00 to $1.06 per pound, compared to an average of $1.00 in 2013.
Catch up on more stories from USDA's Ag Outlook Forum:
Solid Gains in U.S. Agricultural Trade Expected This Year
USDA Projects 2014 Crop Prices Mostly Lower Than 2013
Slumping Feed Costs Improve U.S. Livestock Profit Prospects