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 sixth WASDE report of the year, and it is the sixth time the fed steer price yearly forecast has been raised. Hog prices were up fractionally over last month.
The WASDE is forecasting fed cattle prices next year to average $180/cwt; another $9/cwt higher than this year. Last week, negotiated cattle prices averaged $182/cwt.
The production outlook shows beef up from last month’s forecast – strong prices are an incentive across the board to market fed steers and heifers to cows and bulls. All cate...
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...
