Most eyes on today’s WASDE were looking at the crop side since this is the first look at the 2023-24 supply and demand numbers. The livestock projections for 2023, however, saw some impactful projections. This is the fifth WASDE report of the year, and it is the fifth time the fed cattle price has been raised and the fourth time the market hog price has been reduced. Since December 2022, hog prices are down $10.50/cwt, and fed cattle prices up $10.50/cwt.
The big drop for hogs came in this month’s report, with a projected annual average price for 2023 of $56.50/cwt, about half of the total drop for the year. This is the first look at 2024 on the livestock/protein side, and the 2024 annual average price projection is $6...
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...