With Friday’s WASDE and crop production reports there was much attention, rightfully so, on corn and soybean yields. However, an important metric potentially overlooked for its impact on the cattle and dairy markets was the hay report. The hay production forecast was estimated as of 1 August and projects total U.S. hay production at 116.75 MMT, which is 96.6 percent of last year and 90 percent of the 2011-2020 10-year average. The hay crop year is April to May below is the updated balance sheet.
Depending on the region, drought in 2021 and 2022 have impacted either carry-in stocks, market year production, or both. The Dakotas and Iowa have fared well this year on hay production and supplies, but further west and in the South...
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...
