Frozen Whole Chicken Prices in Brazil Rise 4.55% MoM on Strong Demand but Down 7.55% YoY on High Supply

The wholesale prices of frozen whole chicken in Pernambuco, Brazil, averaged USD 1.84/kg on November 6, a 2.2% WoW increase, a 4.55% MoM rise, but 7.55% lower than the same period in 2022. Recent price improvements are attributed to strong market liquidity from Oct-23 into Nov-23, driven by increased demand during holidays. While domestic prices are expected to firm in the coming months due to heightened exports, the overall outlook remains bearish compared to 2022 levels, influenced by optimistic production forecasts for 2023 and 2024.