Today’s WASDE puts total red meat and poultry production down slightly based on reduced output of broilers and pork. Beef production is up based on non-fed cattle slaughter. Broiler slaughter has been down so far this year while hog slaughter is slowing though slaughter weights are still high. So far this year, slaughter weights have averaged 293 pounds compared to 289 for the same period last year and 286 during 2019.
Pork demand has been strong so far this year. A rebound in the economy is supporting demand. While export totals for the year are forecast to be down from 2020 levels, last week’s export sales report showed big gains at 59,600 tons, up 86 percent from the prior four-week average and peaking at the highest level...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
