USDA released its quarterly hogs and pigs report today with most all categories coming in below pre-report expectations. Total inventory was 75.4 million head, at 96 percent of 1 September 2020, which was a record for the quarter. Inventory was 101 percent of 1 June.
This is the first year-over-year drop in the September hogs and pigs inventory since the porcine epidemic diarrhea virus (PEDv) in 2014 – but, again, last year was a record. The last quarterly report showed the same – the first drop year-over-year for the June inventory since 2014. The year-over-year comparison – especially for June - is less instructive than typical, however, because June 2020 reflected the disruption to harvest caused b...
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...
