Despite a value decline of 10.3%, Mississippi’s agriculture still managed to post its second biggest returns ever of $8.8 billion in 2023.
Poultry took the worst beating, losing 23% from 2022 but still emerged the state’s champ in value, raking in $3.1 billion. Soybeans, on the other hand, banked on biodiesel demand to emerge first among crops. The pricing status of soy in 2022 retained in 2023 despite a few drops during the fall harvest due to supply increment.
Poultry’s Bittersweet Value
For poultry, poor market prices were responsible for the inability to reach the $3.9 billion value of 2022. The fall in market prices cut through chicken, broiler and eggs.
Broilers lost by 22% from 2022 to a value of $2.9 billion while eggs shed 30% to $202 million.
Production, however, helped the sector maintain momentum despite avian flu disruptions and high feed costs of 2023. Producers raised 4.3 billion live pounds of broilers between January and December, edging Mississippi to the 6th position nationwide.
Counterbalancing broiler production was a severe fall in egg value due to minimal pricing though production was nearly similar to 2022’s. The 2023 price range per dozen has been a mere $1 to $1.30, per the United States Department of Agriculture (USDA).
It is impressive that poultry in Mississippi has edged other sectors in returns despite a host of problems in 2023. First there was an outbreak of avian flu (HPAI strain) and then laryngotracheitis (ILT), causing losses for poultry companies.
On top of that, ripple effects from high pellet prices put pressure on a sector already experiencing low prices.
Soybeans Rebound
Apart from poultry, soybeans also helped rally Mississippi’s second best returns on record after those of 2022.
The soybean crop came second with postings worth $1.6 billion to forestry’s near match of $1.5 billion.
Soybeans’ rally comes from strong prices, buoyed by demand for soymeal to make plant-based biofuel. Prices for Mississippi’s number one row crop in 2022 rose to $14.40 a bushel from the $13.25 bushel for 2021.
The price on December 20, 2023 in Mississippi markets for soybeans was between $12.71 and $13.34 per bushel.
In short, Mississippi’s agriculture enjoys returns with a wide distribution range. This range has distributed risks evenly and helped meet the state’s second best ever production posting.