Tomorrow, USDA will release the semi-annual cattle inventory report reflecting cattle numbers as of 1 January. The pre-report consensus estimate is the total number of cattle will come in at about 98 percent of last year, indicating the contraction cycle continued through 2023. January 2023 saw the smallest beginning of the year cattle inventory since 2015; this year’s expected decrease in the herd would make it the smallest since 1951.
Expectations for tomorrow’s report are for almost every category to be down meaningfully from last year, except for beef replacement heifers. The average estimate is just marginally below last year’s total, but that range of forecasts is wide, from 97 percent at the low end to 104...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
