USDA released its long-term outlook for 2024 - 2032 this week. No surprise that USDA’s projections show the continued tight situation for cattle through 2027, hitting a low next year and not reaching 2021 levels until 2032. For hogs and pork, the outlook is for continued expansion starting this year.
Beef production forecast follows the same pattern; 2022 was the fourth consecutive year for record beef production, topping 28.1 billion pounds. Production is forecast to rebound to that level in 2032, but the interesting thing is that beef production – except for this year and next – stays above the levels of the expansion cycle from 2017 - 2019, and well above the production levels of the last contraction cycles in...
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...
