2024 Egg price drop and chicken inventory rise forecasted
USAgNet - 02/22/2024
The United States Department of Agriculture (USDA) has unveiled its annual Chickens and Eggs report, bringing positive news for the poultry sector with an expected increase in egg production and chicken inventory for 2024.
According to the report, egg production is set to rise by 1.4%, reaching 96 billion eggs, while chicken numbers are predicted to grow by 1%, indicating a resilient poultry industry despite ongoing challenges.
The report comes at a critical time as the agricultural sector faces significant hurdles, including a decline in farm numbers and the impact of high path avian influenza, which affected millions of birds in recent months. Yet, poultry remains a beacon of growth in the protein sector, with other sectors like beef, pork, and lamb expected to see reduced inventories.
Projected egg prices are to average $1.83 per dozen, marking a decrease from previous figures, providing some relief to consumers. This forecast is integral to understanding market trends and planning, especially with the upcoming farm bill discussions which aim to offer a safety net for farmers, ensuring food security and affordability.
As the agriculture industry navigates these challenges, the emphasis on supporting farmers and maintaining a stable food supply chain has never been more crucial. The USDA's report highlights the dynamic nature of the sector and the importance of continuous support through policies like the farm bill, ensuring the longevity and success of farming in the U.S.
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