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Jefferies analyst Akshay Jagdale forecasts a 4% rise in U.S. chicken production in 2018, double USDA's 2% estimate, driven by breeder flock growth. He says industry pricing could fall 3-10% in 2018 if oversupply develops.
Expected broiler oversupply would lower chicken prices and could reduce broiler integrators' feed purchasing, modestly bearish for corn and soybean meal demand.
meatingplace.comSusan KellyJan 5, 2018Not enough comparable past events yet for a historical read.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
