Fed cattle prices remain at record levels, but the market has been bearish with dropping futures and a weak cash market; prices dropped last week about $2 live and $4 dressed. In the first four months of last year, cattle prices climbed steadily and hit their highest level in April, dropping in May, and recovering in June. Prices climbed steadily to end March above $189/cwt, but after the first two weeks of April, it’s clear that 2024 peak prices will not be set this month.
With reduced cow slaughter this year, weekly slaughter has been near or below the 600,000 head level for much of the year. Also, despite lower cattle prices, processors are having difficulties maintaining margins and slaughter is all they can leverag...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
