Price Projections For Steers, Hogs, Broilers, Turkey, Milk & Eggs

Price Projections for 2024: Cattle and Hogs on the Rise, Eggs Surging

The latest price projections for 2024 bring mixed fortunes for various agricultural commodities, with cattle and hogs seeing increases, while eggs undergo a significant surge in price. These projections, outlined in the World Ag Supply & Demand Estimates (WASDE) report, provide insights into the anticipated price trends shaping the agricultural market.

Cattle Prices:

Price projections for steers are up by $2, reaching $185.00 per hundredweight (cwt). This increase reflects strong demand for beef products and favorable market conditions for cattle producers.

Hog Prices:

Similarly, price projections for barrows & gilts show a $2 increase, reaching $63.00 per cwt. The uptick in hog prices is driven by factors such as robust export demand and tight supplies.

Poultry Prices:

Broiler prices are projected to rise by $0.020 per pound, reaching $1.290. This modest increase reflects steady demand for poultry products amidst changing consumer preferences.

However, turkey prices experience a decline of $0.040 per pound, dropping to $1.040. This decrease may be influenced by factors such as increased competition and changing market dynamics.

Egg Prices:

The most notable change comes in egg prices, which witness a whopping surge of $0.230 per dozen, reaching $2.030. This significant increase may reflect various factors, including shifts in consumer demand, production challenges, or changes in market conditions.

Milk Prices:

Milk prices, on the other hand, show a decline of $0.35 per cwt, dropping to $20.90. This decrease may be influenced by factors such as oversupply, changing consumption patterns, or fluctuations in global dairy markets.

Conclusion:

The price projections for 2024 reflect the complex interplay of supply, demand, and market dynamics within the agricultural sector. While cattle and hog prices show resilience and upward momentum, egg prices stand out with a substantial surge, signaling potential shifts in the egg market landscape. These projections provide valuable insights for producers, traders, and stakeholders as they navigate the evolving agricultural market and adjust their strategies accordingly.