Friday’s June Word Agriculture Supply and Demand Estimates (WASDE) report raised its forecast for total red meat and poultry production slightly over May’s forecast. Broiler production was revised down, while beef and pork were revised up to offset the smaller broiler production.
The beef production forecast is based on the rate of slaughter, which is up for fed cattle and for cull cows. Slaughter weights have followed seasonal patterns, but since April have dropped faster than the five-year average.
For pork, production was raised based on the pace of Q2 slaughter. The Quarterly Hogs and Pigs report will be released in a couple of weeks (June 29) and will provide a clearer picture on hog production for the end of the year...
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...
