The USDA took a hatchet to their pork production estimates in the May WASDE, lowering annual production by 1,599 Mil Lbs (-6%). Much of the decline was realized in the 4th quarter, which was reduced by 665 Mil Lbs. Like US beef trade, the export estimates did not fall proportionally to the production rates, resulting…
The USDA slashed US annual beef production forecast by 1,681 Mil Lbs (6%) in the May WASDE (from April). Much of the annual decline is expected to occur in the 2nd quarter, while the 3rd quarter production forecast was lowered by 375 Mil Lbs (6%). The USDA lowered annual and quarterly export rates, but not…
The May Cattle on Feed report confirmed another month of historically slow placements and lite marketings. After two consecutive months of double-digit declines in the placement rate, May 1 cattle on feed were at 95% of last year. This reflects a drawdown in feedlot inventories of 611,000 head, the largest 2 60 day drop since…
AgResource Research suggests that global cash wheat markets may be forming their seasonal low ahead of harvest. Additional crop losses in Western Europe – which accounts for a majority of total EU production is occurred via dryness and rising temps. Black Sea yields will be stabilized by coming rain but are still projected slightly below…
US and South American corn prices have fallen sharply amid ethanol demand destruction and a lack of offsetting bullish weather input. However, world barley cash prices have been flat since the middle of 2019. The attached graphic shows that EU and Black Sea barley prices have maintained a sizable $20-30/MT (15-20%) premium to US Gulf…
