The meat and livestock projections in today’s WASDE were not as full of fireworks as the grain projections. Compared to last month’s projections, beef and broilers were adjusted down some and pork production was raised. The beef adjustment is based on lighter placements late in 2020 and expected lighter slaughter weights given feed costs. But for the year-over-year all three species are up, lead by pork with beef only slightly.
Livestock and poultry prices rebound over last year’s COVID pandemic reduced slaughter capacity and backup, with the biggest changes for hogs – which are up more than 5 percent from the December projection. That is the only species with a price projection that comes close to offsettin...
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...
