Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler production estimate for 2020 was bumped up to be 0.05 percent greater than 2019. This month it is projected to be 1.7 percent ahead of last year, with a reduction in beef more than offset by pork and broilers, though broiler production is down the most from the pre-COVID March estimates.
Forecast end-of-year average live animal prices are very bearish.
Pork exports are a safety net for hogs. China is still in the market and buying whole/half carcasses and bone-in hams that don’t take as much labor in the packing plant which helps relieve some back log. Mexico, the...
What You Need to Know Today: China’s state-run COFCO, in statements on Tuesday, implied that U.S. corn exports were currently uneconomical but hinted that the Middle Kingdom would import 3.5 MMT of the feed grain this year, with 1 MMT likely sourced from the U.S. Another drone attack has...
Tanker-tracking data shows a smaller recovery in oil flowing through the Strait of Hormuz than previously thought. Energy Secretary Chris Wright, speaking by video to an international energy conference in Riyadh, Saudi Arabia, said that oil moving through the strait was back to 80 to 90 percent...
Key Takeaways: While soybean, palm, sunflower, and rapeseed oils dominate global vegetable oil markets, premium oils such as olive, avocado, coconut, and sesame command substantially higher prices due to their distinctive flavors, nutritional characteristics, and specialized culinary uses.. Ol...
