Today’s WASDE reduced the forecast for red meat and poultry production slightly from the September forecast with higher cow slaughter from culling being offset by lower hog slaughter in Q4, a slower pace of steer and heifer slaughter, and recent trends in poultry hatchery and slaughter data (more on that below).
The outlook for next year is lower production based on lighter feeder cattle placements in early 2022 and tighter supplies of fed cattle in the second half of 2022, lower hog slaughter based on the latest Hogs and Pigs Inventory report, which showed drops in the June to August pig crop and the farrowing intentions for September to November. An interesting change from the September WASDE to today’s report...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
