Turkey producers could take a hit next year. USDA’s Outlook Board is anticipating a nearly 10 percent drop in prices.
Board Chair Mark Jekanowski says turkey demand was soft last year, and with the new year right around the corner, he expects those prices to keep dropping. For 2023, he is expecting turkey prices to hold around $1.40 per pound. In 2024, he predicts they will fall about $0.13 to around $1.27 per pound. In turn, he is expecting some production cuts moving forward. When it comes to broilers, however, production could go up slightly.
“We are, you know, expecting broiler production to be up year-over-year by about 250 million pounds. So, 2024 broiler production at 46.6 billion pounds, up from about 46.37 billion pounds this year.”
USDA will release their next broiler forecast in early January.
