USDA released a much anticipated quarterly Hogs and Pigs report for September today. At 73.8 million head, the total inventory as of 1 September followed the seasonal pattern of peaking for the year in September but was down from last year. This is third consecutive year-over-year decline in the September inventory, and the lowest September inventory since 2017.
Nonetheless, the report was generally in line with the pre-report expectations. The breeding herd and the June through August pig crop were slightly below the consensus forecasts, as were lighter weight feeder pigs. Like the overall swine herd, the breeding herd and market hog inventory are also the lowest since 2017.
Compared to the June report, the Septembe...
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...
