Final 2018 Red Meat Production USDA released the final tally of 2018 red meat production yesterday. Beef and pork production were individually 103 percent of the prior year. Their aggregate total of 53.5 billion pounds was also 103 percent of the record set in 2017. Production forecasts for 2019 have beef at 101.5 percent of last year’s total and pork production at 104 percent. Meanwhile, U.S. pork production is projected to surpass the total volume of beef by 45 million pounds.
The higher production is the result of slightly expanded slaughter capacity. There were 837 plants slaughtering under federal inspection on 1 January 2019 versus 834 the year before. Of these, 663 plants slaughtered at least one head of cattle during 2018...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...