Friday’s WASDE reduced the outlook for pork production reflecting the December to March quarterly Hogs and Pigs report. The hog herd was down 1 percent from March 2020 and down 3 percent from December 2020. Last year saw record pork production. The number of sows kept for breeding was down 3 percent from March 2020; that will impact slaughter late in 2021.
The outlook for meat prices is certainly bullish; demand is strong, the total red meat and poultry production forecast has tightened to 107.09 billion pounds, down from the March forecast of 107.5 billion pounds. Broiler production remains the same and beef production is up based on increased slaughter in the second half of the year. Feed prices play a role too; beef...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
