Certainly, corn prices have been volatile over the last week. It appears that while we won't be going back to $2.50/bushel corn, we probably won't be hitting $4.50/bushel in the near future.
Nevertheless, Pilgrims Pride is continuing their commitment to a 5% cutback in chicken production during the upcoming year. This should help to put overall chicken production back in line with demand -- and, perhaps, helping to increase wholesale prices.
But, here is a tidbit about Pilgrims Pride that I did NOT know:
Regardless of the soybean decline, analysts considered the plantings report a big positive for chicken producers, particularly Pilgrim's Pride Corp., which doesn't hedge for grain -- making it more susceptible to market fluctuations in price.