Agribusiness Weekly Update: Chicken prices move higher

Chicken
The chicken processing margin averaged 2 cents a pound, 12-cents better than a year ago. Broiler egg sets were down 4.3% to 198.9 million eggs. Heads slaughtered declined 4.9% year over year, while pounds produced fell 0.8%. March typically marks the start of a seasonal rise in breast meat pricing. Food service demand remains the key driver behind a recovery in breast meat pricing. Breast meat traded at $1.32 per pound, up 1 cent from a year ago and a dime higher than the prior week.

Table Eggs
The egg margin averaged 25 cents per dozen, 7 cents higher than a year ago. Southeast egg prices were 95 cents a dozen, up 6 cents from a year ago.

Grains
Cash corn prices finished the week down 9 cents to $6.46 per bushel and 1.8% higher than a year ago. Soybean prices jumped 2 cents to $13.15 per bushel. Prices fell 1.1% from last year.

Beef
U.S. beef packers lost $21.99 per head processed, versus $31.97 lost a year ago. Through still negative, processing margins were the highest since mid-September. Cattle slaughter fell 1.1% compared to last year, while beef production was up 1.3%. Live cattle prices were up 15% year-over-year. Friday, cash cattle traded $3 off the high at $126 per/ cwt. Choice beef prices remain at all-time high $5.10 per pound.

Hogs & Pork
Pork processors lost $3.41 per head last week, compared to $11.29 profited last year. Weekly hog slaughter numbers rose 0.7%, while pork production decreased 0.8% compared to 2011.

Dairy
Dairy prices are under pressure since the USDA Dairy Products report two weeks ago. Retail fresh whole milk prices averaged $3.60 per gallon last week, up 30 cents from a year ago.
                
Ethanol & Energy
The ethanol crush margin averaged 39 cents per gallon, up 3 cents from last year and 2 cents below last week. Ethanol averaged $2.27 per gallon, trading at a $1.07 discount to gasoline.