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24 September 2024

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SSI Surveillance: Poultry Weekly (24 September 2024)

  • In 16 – 21 Sept 2024, avg. broiler prices fell to ~IDR 18,009/kg (-2.4% WoW/-0.3% MoM/-3.4% YTD); Data on DOC reveals avg. price of IDR 5,500 (+2.3% WoW/-6.3% MoM/-21.4 YTD) after a dip to 4k-5k levels since mid-August in Java.
  • For raw materials, domestic corn prices rose slightly +0.3% WoW, primarily due to moderate rainfall outside Java, which could impact crop yield. Meanwhile, SBM prices increased +1.0% WoW, averaging USD 319/t, with YTD average of USD 345/t (YTD: -17.8%).
  • Looking ahead, we anticipate further increases in raw material prices, driven by rainy season and potential La Nina effect. Within the sector, JPFA and MAIN appear to have the most attractive valuations, particularly on performance support as we anticipate voluntary culling as well as favourable government policies, including the free lunch program, June-24 reduced price relaxation and 2024 lower GPS import quotas onwards.

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