Yesterday’s Word Agriculture Supply and Demand Estimates (WASDE) report marginally increased its forecast by 0.6 percent for total red meat and broiler production compared to the September forecast. Only turkey production was down slightly by 0.2 percent from September and down 6.4 percent year-over-year due to HPAI (as we covered here).
Pork was raised on higher slaughter over Q3; no changes were made for Q4 estimated slaughter. Beef production is up on heavier slaughter weights and the pace of slaughter, but given the slaughter volumes year-to-date, catalyzed by drought conditions that pulled placements forward, fed cattle supplies will start to contract in November and December, which should be bullish for cattle prices extendi...
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...
