Today’s WASDE showed USDA’s red meat and broiler production forecast down 5.6 percent from the March WASDE estimates, but only 1.5 percent lower than 2019.
Production is down on slaughter interruptions. Notably, according to the National Pork Board, today is the first day since 24 April that all pork packing plants are operating, though of course, through put is down. Slaughter is at an estimated 71 percent of capacity. A slower slaughter pace for hogs will be partially offset by heavier weights – both cattle and hog slaughter weights last week were up from year ago levels, a result of the backup caused by plant shutdowns. Chicken production will be lower on fewer hatchings and lower chick placements...
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...
