The annual livestock slaughter data for 2024 was released Tuesday from USDA. Despite a reduced cattle supply, beef production totaled 27 billion pounds, up slightly from 2023 based on heavier weights, especially in the fall. For 2023, total pounds produced were also about 27 billion pounds, down 5 percent from the previous year, in 2022.
Commercial cattle slaughter during 2024 totaled 31.8 million head, down 3 percent from 2023, but average weights were up 34 pounds. The average live weight for the year was 1,399 pounds, with heavier cattle starting in September, exceeding 1,400 pounds. The average weight for 2023 was 1,365 pounds. Federal inspection accounted for 98.2 percent of the total. Steers were 48.6 percent of the total federally i...
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...
