USDA’s milk production forecast for 2024 reflects a reduced cow inventory for the year and slower growth in milk output per cow. Total production is forecast to be 228.3 billion pounds, which is a 0.75 percent increase from 2023. As of the end of 2023, the dairy cow inventory was 9.36 million head, down from 9.43 million head at the beginning of the year, and on a faster pace of contraction than 2022. The contraction led to a year-long average herd size of 9.395 million head, down from the average in 2022 of 9.402 million head. That contraction is forecast to continue down to 9.35 million head in 2024.
More clarity on the herd size will come at the end of the month with USDA’s Cattle Inventory report which will provide an in...
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...
