Today’s WASDE increased the price outlook for 2024 fed steers after dropping it in September. The September WASDE dropped the fed steer price by $3/cwt to $185.11/cwt from the month prior. Today the price forecast was adjusted up $1/cwt. The forecast for the 2025 annual average was also adjusted up by $1/cwt to $187/cwt, but that is still down from $191/cwt forecast in August. Forecast prices were up for all species, but only marginally.
Packers enjoyed positive margins in August and September, but early October saw red ink, thus this week’s bullish cutout was timely, but packers this week were forced to bid $1 more for cattle. Cattle prices have rallied back above 2023 levels, and thus returned...
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...
