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: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...