Recent Livestock Analysis
Summary of Futures
Dec 26 Corn closed at $4.605/bushel, down $0.0125 from yesterday's close. Sep 26 Wheat closed at $6.3025/bushel, down $0.1025 from yesterday's close. Nov 26 Soybeans closed at $11.6875/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $310.9/short ton, down...
Market Commentary: Larger Global Supply Fears Send CBOT Lower Ahead of WASDE
What You Need to Know Today: The latest EIA Short-Term Energy Outlook forecast 2027 U.S. WTI crude oil at $65.39/brl, up about $5 from the prior forecast. President Trump late Monday claimed the U.S. has swept the entire Strait of Hormuz (SOH) for sea mines. Iran’s security council said...
Understanding Protein Content in Soymeal
Key Takeaways: Soymeal with 44 percent protein generally contains more soybean hulls and fiber, while 48 percent soymeal is more extensively dehulled, resulting in higher protein concentration and lower fiber. CBOT soymeal futures were lowered from a 48 percent to 47.5 percent protein specific...
Livestock Industry Margins
Beef packer margins deteriorated sharply to -$167/head last week, down $89 from the prior week as fed cattle prices rebounded while the Choice cutout continued to weaken. The cutout slipped to $363/cwt, while fed cattle prices climbed to $235/cwt, reversing much of the recent improvement in pac...
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
Market Commentary: Grain Markets Awaiting New Catalysts
What You Need to Know Today: Iran has developed an initial draft plan that would prohibit U.S. and Israeli ships from transiting the Strait of Hormuz, increasing concerns over potential disruptions to global energy trade. Although no restrictions have been enacted, the proposal adds anot...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0.02 from yesterday's close. Sep 26 Wheat closed at $6.3125/bushel, down $0.11 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, up $0.03 from yesterday's close. Dec 26 Soymeal closed at $316.6/short ton, up $1 from yest...
EU Marks Paradigm Shift with Cattle
For years, the EU treated its cows, pigs, and broilers mainly as a source of emissions to be reduced. This week the European Commission gave them a new job title: "critical infrastructure." According to the EU’s official livestock strategy presented in Strasbourg, France, livestock underp...
Wool Economics: A Missing U.S. Value Chain
Wool is one of the most misunderstood U.S. agricultural commodities. Fine wool in the 17–21 micron range commands premium prices in luxury apparel, technical outdoor gear, and high-end knitwear, while coarser wool is gaining support as building codes and standards shift toward natural-fib...
Summary of Futures
Dec 26 Corn closed at $4.6/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.4225/bushel, up $0.0375 from yesterday's close. Nov 26 Soybeans closed at $11.7475/bushel, down $0.03 from yesterday's close. Dec 26 Soymeal closed at $315.6/short ton, down $2.8 f...
Market Commentary: Caution Beneath the Headlines
There are plenty of major headlines moving across the markets today, but the reaction beneath them remains cautious. Crude oil is holding steady despite reports of progress involving the Strait of Hormuz, corn and soybeans remain tied to changing weather forecasts, and wheat continues to weigh...
Market Commentary: Improved Weather Outlook, Possible Iran Deal Send Grains, Oil Lower
What You Need to Know Today: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Livestock Industry Margins
Beef packer margins slipped modestly for the first time in four weeks, declining $15/head to -$78 as fed cattle prices firmed while boxed beef values continued to weaken. The Choice cutout eased another $2.63/cwt to $364.69, while dressed cattle prices fell only $2.76/cwt to $362.25/cwt, limiti...
Summary of Futures
Dec 26 Corn closed at $4.655/bushel, down $0.07 from yesterday's close. Sep 26 Wheat closed at $6.385/bushel, down $0.125 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, down $0.145 from yesterday's close. Dec 26 Soymeal closed at $318.4/short ton, down $3.2...
Offal Meat: Challenges and Opportunities in a Global Market
Key Takeaways: Offal represents an important segment of global meat trade by adding value to underutilized portions of livestock carcasses and improving overall resource efficiency. Strong export demand for products such as pork variety meats and chicken feet allows processors to maximize carc...
Market Commentary: Black Sea Export Halts, U.S. Weather Risks Send CBOT Higher
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
CFTC COT Report Analysis
The escalating impacts of Russia and Ukraine’s recent attacks and counter attacks in the Black Sea continues to drive bullish CBOT sentiments. Managed money traders purchased 122,000 contracts across the ag markets, expanding their all-ags net long 27 percent in the process. The biggest d...
Summary of Futures
Dec 26 Corn closed at $4.725/bushel, up $0.085 from yesterday's close. Sep 26 Wheat closed at $6.51/bushel, up $0.1175 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $321.6/short ton, up $0.4 from...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.045 from yesterday's close. Sep 26 Wheat closed at $6.3925/bushel, down $0.2425 from yesterday's close. Nov 26 Soybeans closed at $11.875/bushel, down $0.0125 from yesterday's close. Dec 26 Soymeal closed at $321.2/short ton, down $1...
Market Commentary: Record Soyoil Demand Contrasts With Grain Market Weakness
What You Need to Know Today: Record biofuel demand continues to support soyoil values, as EIA data show that May soyoil usage as a biofuel feedstock reached a record 1.434 billion pounds. The latest data reinforces the strength of renewable fuel demand and helps explain ongoing investment in a...
Summary of Futures
Dec 26 Corn closed at $4.685/bushel, down $0.0325 from yesterday's close. Sep 26 Wheat closed at $6.635/bushel, up $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.8875/bushel, down $0.04 from yesterday's close. Dec 26 Soymeal closed at $322.8/short ton, down $0.7...
Market Commentary: Cattle Outperform Hogs on Quiet Day for Corn and Soy
What You Need to Know Today: The U.S. and Iran resumed missile strikes after a brief pause in fighting, raising concerns that the five-month conflict could expand across the Middle East. Jordan intercepted Iranian missiles, Kuwait reported a fatal strike, and drone attacks damaged two natural...
Livestock Roundup: Senate Farm Bill Threats to Meat Industry
The Senate Agriculture Committee will take up the farm bill next week, and a number of amendments targeting the meat industry are expected to be offered. Two of the most potentially damaging are the Schumer amendment, based on his bill, the Family Grocery and Farmer Relief Act, and mandatory co...
The Consumer Reset: How GLP-1, Protein, and Value Are Reshaping Foodservice
The industry has spent two years bracing for GLP-1 medications to hollow out demand, but the data so far tells a more interesting story. Roughly one in eight adults currently uses a GLP-1, and an additional 29 percent of non-users say they would consider it if it became more accessible and cost...
Summary of Futures
Dec 26 Corn closed at $4.7175/bushel, down $0.0875 from yesterday's close. Sep 26 Wheat closed at $6.6075/bushel, down $0.0175 from yesterday's close. Nov 26 Soybeans closed at $11.9275/bushel, down $0.2725 from yesterday's close. Dec 26 Soymeal closed at $323.5/short ton, dow...
Market Commentary: War Moves Oil. Weather Moves Grain.
If Wednesday’s trade proved anything, it is that not every market is listening to the same headline. Renewed fighting between the U.S. and Iran sent crude oil sharply higher after Iran fired ballistic missiles at an American airbase in Jordan. President Trump promised a U.S. response, pus...
Small Ruminants: A Global Protein System the U.S. Market Has Yet to Price In
Executive Summary Sheep and goats represent one of the largest livestock protein systems in the world, with an estimated 2.3 billion head globally; however, they remain almost entirely absent from U.S. agricultural policy, trade strategy, and market forecasting. The U.S. small ruminant herd, at...
Summary of Futures
Dec 26 Corn closed at $4.805/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.625/bushel, up $0.025 from yesterday's close. Nov 26 Soybeans closed at $12.2/bushel, up $0.0625 from yesterday's close. Dec 26 Soymeal closed at $327.8/short ton, up $3.7 from yes...
Market Commentary: Grains Rally as Crop Ratings Fall; Global Shipping Becomes More Perilous
What You Need to Know Today: Shipping in the Black Sea is at a standstill, with neither Ukraine nor Russia yet ready to swerve in this game of maritime and export brinkmanship. Israeli media suggests the U.S. and Iran may be close to making a deal or at least restoring the memorandum of unders...
Brazil’s Emergence as a Major Pork Exporter
Key Takeaways: Brazil’s pork exports have more than doubled since 2019 as competitive feed costs, ASF-free status, and expanding global demand have strengthened the country’s position in international markets. Brazil’s abundant domestic production of corn and soybeans provide...
Livestock Industry Margins
Beef packer margins continued to recover for a third consecutive week, improving $67/head to -$63/head as fed cattle prices fell about $30 in the past 5 weeks. The Choice cutout slipped another $5/cwt to $367/cwt, but fed cattle prices fell an even steeper $12/cwt to $365/cwt (dressed), allowin...
Summary of Futures
Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close. Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close. Nov 26 Soybeans closed at $12.1375/bushel, down $0.3975 from yesterday's close. Dec 26 Soymeal closed at $324.1/short ton, down $11.1...
Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening
What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid de-escalation headlines in the Middle East. Other key fundamentals were also bearish, including the resumption of Mexican cattle imports an...
Cow-Calf Profit Outlook Riskier on Drought, Cost Pressures
Key Takeaways: U.S. cow-calf producers are facing another year of record-breaking revenues and net returns for 2026, though rising cost pressures and pullbacks in cattle prices increase risks. Drought remains a key concern for much of the cow-calf industry this year, with rising feed cos...
New World Screwworm: Phased Re-Opening of Mexican Border
USDA announced on Friday the coordinated, phased reopening of southern U.S.-Mexico livestock ports starting 24 August 2026, after more than a year of closures due to the spread of New World screwworm (NWS). Douglas, Arizona, will be the first port of entry to resume cattle trade on 24 August. T...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close. Nov 26 Soybeans closed at $12.535/bushel, up $0.0975 from yesterday's close. Dec 26 Soymeal closed at $335.2/short ton, up $3.3 from yes...
U.S. Cattle on Feed - July 1 2026
U.S. Cattle on Feed on July 1 totaled 11.4 million head, 2 percent above July 1, 2025. Placements in feedlots during June totaled 1.40 million head, 3 percent below 2025. Marketings of fed cattle during June totaled 1.66 million head, 3 percent below 2025. Other disappearance totaled 50,0...
Market Commentary: Black Sea Headlines Shake Wheat Markets
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...
Cattle on Feed and Cattle Inventory Reports
USDA’s monthly cattle on feed report was released today, along with the semi-annual cattle inventory report. The total number of cattle on feed in feedlots with a capacity of 1,000 head or more amounted to 11.4 million head, or 102 percent of last year. All cattle and calves totaled 94.2...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $12.4375/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $331.9/short ton, down $1 f...
Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength
What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. threats to escalate military strikes against Iran, heightening concerns over potential disruptions to Middle East energy supplies. Brent crud...
Shifts in Global Hunger
Key Takeaways: The latest UN data shows solid progress reducing global hunger and food insecurity. The geography of hunger-affected people has shifted substantially, however, and Africa is now the most affected region. To understand why hunger patterns have shifted and what policy option...
Livestock Roundup: Cattle on Feed and Semi-Annual Inventory Report Preview
USDA’s monthly cattle on feed report for 1 July will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 102.2 percent of last year. Those estimates imply an on-feed inventory of 11.327 million head. If accurate, that would be the...
Summary of Futures
Dec 26 Corn closed at $4.605/bushel, down $0.0125 from yesterday's close. Sep 26 Wheat closed at $6.3025/bushel, down $0.1025 from yesterday's close. Nov 26 Soybeans closed at $11.6875/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $310.9/short ton, down...
Market Commentary: Larger Global Supply Fears Send CBOT Lower Ahead of WASDE
What You Need to Know Today: The latest EIA Short-Term Energy Outlook forecast 2027 U.S. WTI crude oil at $65.39/brl, up about $5 from the prior forecast. President Trump late Monday claimed the U.S. has swept the entire Strait of Hormuz (SOH) for sea mines. Iran’s security council said...
Understanding Protein Content in Soymeal
Key Takeaways: Soymeal with 44 percent protein generally contains more soybean hulls and fiber, while 48 percent soymeal is more extensively dehulled, resulting in higher protein concentration and lower fiber. CBOT soymeal futures were lowered from a 48 percent to 47.5 percent protein specific...
Livestock Industry Margins
Beef packer margins deteriorated sharply to -$167/head last week, down $89 from the prior week as fed cattle prices rebounded while the Choice cutout continued to weaken. The cutout slipped to $363/cwt, while fed cattle prices climbed to $235/cwt, reversing much of the recent improvement in pac...
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
Market Commentary: Grain Markets Awaiting New Catalysts
What You Need to Know Today: Iran has developed an initial draft plan that would prohibit U.S. and Israeli ships from transiting the Strait of Hormuz, increasing concerns over potential disruptions to global energy trade. Although no restrictions have been enacted, the proposal adds anot...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0.02 from yesterday's close. Sep 26 Wheat closed at $6.3125/bushel, down $0.11 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, up $0.03 from yesterday's close. Dec 26 Soymeal closed at $316.6/short ton, up $1 from yest...
EU Marks Paradigm Shift with Cattle
For years, the EU treated its cows, pigs, and broilers mainly as a source of emissions to be reduced. This week the European Commission gave them a new job title: "critical infrastructure." According to the EU’s official livestock strategy presented in Strasbourg, France, livestock underp...
Wool Economics: A Missing U.S. Value Chain
Wool is one of the most misunderstood U.S. agricultural commodities. Fine wool in the 17–21 micron range commands premium prices in luxury apparel, technical outdoor gear, and high-end knitwear, while coarser wool is gaining support as building codes and standards shift toward natural-fib...
Summary of Futures
Dec 26 Corn closed at $4.6/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.4225/bushel, up $0.0375 from yesterday's close. Nov 26 Soybeans closed at $11.7475/bushel, down $0.03 from yesterday's close. Dec 26 Soymeal closed at $315.6/short ton, down $2.8 f...
Market Commentary: Caution Beneath the Headlines
There are plenty of major headlines moving across the markets today, but the reaction beneath them remains cautious. Crude oil is holding steady despite reports of progress involving the Strait of Hormuz, corn and soybeans remain tied to changing weather forecasts, and wheat continues to weigh...
Market Commentary: Improved Weather Outlook, Possible Iran Deal Send Grains, Oil Lower
What You Need to Know Today: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Livestock Industry Margins
Beef packer margins slipped modestly for the first time in four weeks, declining $15/head to -$78 as fed cattle prices firmed while boxed beef values continued to weaken. The Choice cutout eased another $2.63/cwt to $364.69, while dressed cattle prices fell only $2.76/cwt to $362.25/cwt, limiti...
Summary of Futures
Dec 26 Corn closed at $4.655/bushel, down $0.07 from yesterday's close. Sep 26 Wheat closed at $6.385/bushel, down $0.125 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, down $0.145 from yesterday's close. Dec 26 Soymeal closed at $318.4/short ton, down $3.2...
Offal Meat: Challenges and Opportunities in a Global Market
Key Takeaways: Offal represents an important segment of global meat trade by adding value to underutilized portions of livestock carcasses and improving overall resource efficiency. Strong export demand for products such as pork variety meats and chicken feet allows processors to maximize carc...
Market Commentary: Black Sea Export Halts, U.S. Weather Risks Send CBOT Higher
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
CFTC COT Report Analysis
The escalating impacts of Russia and Ukraine’s recent attacks and counter attacks in the Black Sea continues to drive bullish CBOT sentiments. Managed money traders purchased 122,000 contracts across the ag markets, expanding their all-ags net long 27 percent in the process. The biggest d...
Summary of Futures
Dec 26 Corn closed at $4.725/bushel, up $0.085 from yesterday's close. Sep 26 Wheat closed at $6.51/bushel, up $0.1175 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $321.6/short ton, up $0.4 from...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.045 from yesterday's close. Sep 26 Wheat closed at $6.3925/bushel, down $0.2425 from yesterday's close. Nov 26 Soybeans closed at $11.875/bushel, down $0.0125 from yesterday's close. Dec 26 Soymeal closed at $321.2/short ton, down $1...
Market Commentary: Record Soyoil Demand Contrasts With Grain Market Weakness
What You Need to Know Today: Record biofuel demand continues to support soyoil values, as EIA data show that May soyoil usage as a biofuel feedstock reached a record 1.434 billion pounds. The latest data reinforces the strength of renewable fuel demand and helps explain ongoing investment in a...
Summary of Futures
Dec 26 Corn closed at $4.685/bushel, down $0.0325 from yesterday's close. Sep 26 Wheat closed at $6.635/bushel, up $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.8875/bushel, down $0.04 from yesterday's close. Dec 26 Soymeal closed at $322.8/short ton, down $0.7...
Market Commentary: Cattle Outperform Hogs on Quiet Day for Corn and Soy
What You Need to Know Today: The U.S. and Iran resumed missile strikes after a brief pause in fighting, raising concerns that the five-month conflict could expand across the Middle East. Jordan intercepted Iranian missiles, Kuwait reported a fatal strike, and drone attacks damaged two natural...
Livestock Roundup: Senate Farm Bill Threats to Meat Industry
The Senate Agriculture Committee will take up the farm bill next week, and a number of amendments targeting the meat industry are expected to be offered. Two of the most potentially damaging are the Schumer amendment, based on his bill, the Family Grocery and Farmer Relief Act, and mandatory co...
The Consumer Reset: How GLP-1, Protein, and Value Are Reshaping Foodservice
The industry has spent two years bracing for GLP-1 medications to hollow out demand, but the data so far tells a more interesting story. Roughly one in eight adults currently uses a GLP-1, and an additional 29 percent of non-users say they would consider it if it became more accessible and cost...
Summary of Futures
Dec 26 Corn closed at $4.7175/bushel, down $0.0875 from yesterday's close. Sep 26 Wheat closed at $6.6075/bushel, down $0.0175 from yesterday's close. Nov 26 Soybeans closed at $11.9275/bushel, down $0.2725 from yesterday's close. Dec 26 Soymeal closed at $323.5/short ton, dow...
Market Commentary: War Moves Oil. Weather Moves Grain.
If Wednesday’s trade proved anything, it is that not every market is listening to the same headline. Renewed fighting between the U.S. and Iran sent crude oil sharply higher after Iran fired ballistic missiles at an American airbase in Jordan. President Trump promised a U.S. response, pus...
Small Ruminants: A Global Protein System the U.S. Market Has Yet to Price In
Executive Summary Sheep and goats represent one of the largest livestock protein systems in the world, with an estimated 2.3 billion head globally; however, they remain almost entirely absent from U.S. agricultural policy, trade strategy, and market forecasting. The U.S. small ruminant herd, at...
Summary of Futures
Dec 26 Corn closed at $4.805/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.625/bushel, up $0.025 from yesterday's close. Nov 26 Soybeans closed at $12.2/bushel, up $0.0625 from yesterday's close. Dec 26 Soymeal closed at $327.8/short ton, up $3.7 from yes...
Market Commentary: Grains Rally as Crop Ratings Fall; Global Shipping Becomes More Perilous
What You Need to Know Today: Shipping in the Black Sea is at a standstill, with neither Ukraine nor Russia yet ready to swerve in this game of maritime and export brinkmanship. Israeli media suggests the U.S. and Iran may be close to making a deal or at least restoring the memorandum of unders...
Brazil’s Emergence as a Major Pork Exporter
Key Takeaways: Brazil’s pork exports have more than doubled since 2019 as competitive feed costs, ASF-free status, and expanding global demand have strengthened the country’s position in international markets. Brazil’s abundant domestic production of corn and soybeans provide...
Livestock Industry Margins
Beef packer margins continued to recover for a third consecutive week, improving $67/head to -$63/head as fed cattle prices fell about $30 in the past 5 weeks. The Choice cutout slipped another $5/cwt to $367/cwt, but fed cattle prices fell an even steeper $12/cwt to $365/cwt (dressed), allowin...
Summary of Futures
Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close. Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close. Nov 26 Soybeans closed at $12.1375/bushel, down $0.3975 from yesterday's close. Dec 26 Soymeal closed at $324.1/short ton, down $11.1...
Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening
What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid de-escalation headlines in the Middle East. Other key fundamentals were also bearish, including the resumption of Mexican cattle imports an...
Cow-Calf Profit Outlook Riskier on Drought, Cost Pressures
Key Takeaways: U.S. cow-calf producers are facing another year of record-breaking revenues and net returns for 2026, though rising cost pressures and pullbacks in cattle prices increase risks. Drought remains a key concern for much of the cow-calf industry this year, with rising feed cos...
New World Screwworm: Phased Re-Opening of Mexican Border
USDA announced on Friday the coordinated, phased reopening of southern U.S.-Mexico livestock ports starting 24 August 2026, after more than a year of closures due to the spread of New World screwworm (NWS). Douglas, Arizona, will be the first port of entry to resume cattle trade on 24 August. T...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close. Nov 26 Soybeans closed at $12.535/bushel, up $0.0975 from yesterday's close. Dec 26 Soymeal closed at $335.2/short ton, up $3.3 from yes...
U.S. Cattle on Feed - July 1 2026
U.S. Cattle on Feed on July 1 totaled 11.4 million head, 2 percent above July 1, 2025. Placements in feedlots during June totaled 1.40 million head, 3 percent below 2025. Marketings of fed cattle during June totaled 1.66 million head, 3 percent below 2025. Other disappearance totaled 50,0...
Market Commentary: Black Sea Headlines Shake Wheat Markets
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...
Cattle on Feed and Cattle Inventory Reports
USDA’s monthly cattle on feed report was released today, along with the semi-annual cattle inventory report. The total number of cattle on feed in feedlots with a capacity of 1,000 head or more amounted to 11.4 million head, or 102 percent of last year. All cattle and calves totaled 94.2...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $12.4375/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $331.9/short ton, down $1 f...
Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength
What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. threats to escalate military strikes against Iran, heightening concerns over potential disruptions to Middle East energy supplies. Brent crud...
Shifts in Global Hunger
Key Takeaways: The latest UN data shows solid progress reducing global hunger and food insecurity. The geography of hunger-affected people has shifted substantially, however, and Africa is now the most affected region. To understand why hunger patterns have shifted and what policy option...
Livestock Roundup: Cattle on Feed and Semi-Annual Inventory Report Preview
USDA’s monthly cattle on feed report for 1 July will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 102.2 percent of last year. Those estimates imply an on-feed inventory of 11.327 million head. If accurate, that would be the...