Most eyes on today’s WASDE were looking at the crop side since this is the first look at the 2023-24 supply and demand numbers. The livestock projections for 2023, however, saw some impactful projections. This is the sixth WASDE report of the year, and it is the sixth time the fed steer price yearly forecast has been raised. Hog prices were up fractionally over last month.
The WASDE is forecasting fed cattle prices next year to average $180/cwt; another $9/cwt higher than this year. Last week, negotiated cattle prices averaged $182/cwt.
The production outlook shows beef up from last month’s forecast – strong prices are an incentive across the board to market fed steers and heifers to cows and bulls. All cate...
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...
