Yesterday’s WASDE showed USDA’s red meat and broiler production forecast down slightly from last month’s forecasts with lower projected pork production offsetting increases in beef and broilers. Broiler production forecasts remain down the most from the pre-COVID March estimates.
Forecast end-of-year average live animal prices are very bearish. Recent strengthening in fed steer prices shows an increase over last month’s projection, while barrow and gilt forecast prices continue to drop and supply adjustments in broilers keep prices steady.
The July inflation data has been released. It shows that food prices were down for the month – the first drop since April 2019. The overall food category was down 0.4 p...
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...
