Last week’s WASDE raised the forecast for beef export. A large reason was Korea, so far the top export destination for U.S. beef. Indeed, today is the 10th anniversary of the U.S.-Korea free trade agreement. No other commodity has benefited as much as beef. Over the span of the agreement, beef exports increased by 360 percent from about $500,000 to $2.3 billion.
In January 2022, beef exports to Korea at 82.9 million pounds were running 102 percent above the January 2021 levels which were 59.8 million pounds. January’s shipments were the second highest monthly total after May 2021 and Korea accounted for 29 percent of all exports. Total exports for January were a record at 288 million pounds, up 17 percent from last year and 2...
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
Yesterday the Senate Agriculture Committee held its markup of the “skinny” farm bill, and it was derailed over Democratic opposition to plans for imposing food stamp costs on state governments. The Democrats pushed back on a provision that required states to pick up a larger share o...
Key Takeaways: WPI’s 2025/26 corn export models continue to reflect strong international demand and put the total marketing year volume slightly above USDA’s estimates. Strong old crop corn exports are offset by weaker feed and residual use, leaving ending stocks slightly ele...
