Today’s WASDE increased its beef production forecast slightly over March’s estimate based on first half of the year feedlot placements which will result in more beef production in the second half of the year. Pork production is lowered slightly based on second half of the year production; the latest Hogs and Pigs report showed a lower than expected pig crop and lower than expected farrowing intentions for March-May of this year.
Hog prices are forecast down due to light demand, broiler prices were raised due to strong demand. Inflation at the retail meat case is still a factor. However, beef demand remains strong, supporting prices. USDA again raised the annual average fed cattle price to $164.50/cwt...
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...
