What You Need to Know Today
Ag markets have placed bets on new soybean demand from China after next week’s Xi-Trump meeting. While the media predicts no major deals or agreements, Beijing sees Trump as transactional so it will “buy” some stability, and soybeans are relatively cheap ballast. Ag futures weighed all the inputs this week and mostly turned south. U.S. plantings are advancing at or near a record pace, and the weather will soon turn warmer, though it needs to turn much wetter. Argentina’s crop yields are surpassing expectations as the corn harvest is around a third complete. U.S. winter wheat is challenged, and spring wheat areas are too dry. Buyers have other options from areas wit...
Beef packer margins deteriorated sharply to -$167/head last week, down $89 from the prior week as fed cattle prices rebounded while the Choice cutout continued to weaken. The cutout slipped to $363/cwt, while fed cattle prices climbed to $235/cwt, reversing much of the recent improvement in pac...
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
