USDA released its farm income forecast yesterday reflecting lower prices across the board for livestock and poultry.
On the input expense side, purchases of livestock and poultry are expected to drop 7.5 percent to $26.5 billion from $28.66 billion in 2019. A big issue in looking forward on pricing production is the extent and impact of the backlog from the COVID shutdowns. Pork slaughter is above last year’s levels, but there is still a large number of hogs out there. Beef slaughter is 4.8 percent lower than last year, but remains above the five-year average. As we previously reported, the number of cattle on feed as of 1 August was an all time record for the month. September is typically the lowest on feed inv...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
