Today’s WASDE made marginal changes to the projections for red meat and broiler production for the second half of the year.
The beef forecast is up from last month on expected slaughter totals, which is offsetting the smaller gap in weights compared to last year. In July, slaughter weights were 39 pounds heavier than in 2023; so far this month they are about 29 pounds heavier. With the corn outlook in today’s WASDE, slaughter weights could increase again impacting overall beef production. While beef production so far this year is down only 1.4 percent to date on the year (forecast down 0.9 percent year-over-year) with slaughter down 4.3 percent year to date, as herd rebuilding starts, fewer heifers will be avail...
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...
Key Takeaways: Peace at last in the Persian Gulf? Over the weekend, the U.S. announced and Iranian officials confirmed a peace agreement, with formal ratification set for Geneva on 19 June. The announcement means the Strait of Hormuz is set to reopen fully and toll-free within 30 days.&n...
