USDA’s November slaughter data helps decode some of the outlook for 2026. There are the known knowns - cattle and hog numbers are down, weights are up, and the breeding inventory for cattle is growing while for hogs it remains constant. But stabilized dairy cow slaughter, lower sow slaughter, higher heifer retention, and heavier weights foretell the supply side story going into the new year. Total cattle slaughter in November was estimated at 2.274 million head, about 293,000 head lower than 2024, or down 11.4 percent. There was one less day in November 2025 compared to 2024, and adjusting for that, November slaughter was down 6.7 percent. Steer slaughter totaled 1.096 million head, down 108,100 head, or 9 percent lower than las...
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...
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