As previewed on Tuesday, USDA released the quarterly Hogs and Pigs report yesterday. The report was neutral, coming very close to pre-report expectations. The inventory of all hogs and pigs as of 1 June was 72.5 million head.
Compared to the last quarter, both the total inventory of hogs and pigs and the market hog inventory were down slightly (less than 1 percent). The bump in market hogs weighing less than 50 pounds will start to show in increased slaughter numbers by October and into 2023 – though slaughter will remain below last year. July slaughter should run a bit ahead of current rates and slow into August based on the market hog inventory.
The March-May 2022 pig crop, at 32.9 million head, was 99 percen...
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...
