Broiler chick hatches totaled 821.4 million in June, repeating May’s 2 percent year-over-year growth rate. There were 688.9 million broiler-type eggs in incubators as of July 1, up 2.5 percent from a year ago and pointing to July’s hatch being about 1 percent higher than July 2017.
Corn gluten meal and soybean meal prices have come down from their springtime highs, when CGM averaged over $500 per ton in April and May and SM approached $400 per ton in May. Demand from the poultry sector, which accounts for over half of domestic soybean meal utilization, should continue to support pricing.
Export demand for soybean meal was also well above average during April and May, but it appears to be letting up a bit during summer (although it is still higher than average). Our major partners are the Philippines (which took 19 percent of total SM exports in 2016/17) and Mexico (22 percent).
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