With Friday’s WASDE and crop production reports there was much attention, rightfully so, on corn and soybean yields. However, an important metric potentially overlooked for its impact on the cattle and dairy markets was the hay report. The hay production forecast was estimated as of 1 August and projects total U.S. hay production at 116.75 MMT, which is 96.6 percent of last year and 90 percent of the 2011-2020 10-year average. The hay crop year is April to May below is the updated balance sheet.
Depending on the region, drought in 2021 and 2022 have impacted either carry-in stocks, market year production, or both. The Dakotas and Iowa have fared well this year on hay production and supplies, but further west and in the South...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
