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: 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...
