USDA raised its total red meat and poultry production forecast for the year in yesterday’s WASDE report. Broilers were down based on year-to-date slaughter, but the rest of the year projections were not changed. Chicken demand is strong, especially with fast food featuring chicken sandwiches – in fact, Wendy’s raised its 2021 earnings outlook yesterday based in part on its new chicken sandwich and KFC and McDonalds are also featuring chicken sandwiches. Pork is down slightly based on expected lighter slaughter weights as feed costs increase. Those changes, however, are offset by the beef production forecast, which was raised based on slaughter volumes.
This is also the first monthly WASDE report to add forecasts for 202...
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...