Today’s WASDE showed USDA’s red meat and broiler production forecast down 5.6 percent from the March WASDE estimates, but only 1.5 percent lower than 2019.
Production is down on slaughter interruptions. Notably, according to the National Pork Board, today is the first day since 24 April that all pork packing plants are operating, though of course, through put is down. Slaughter is at an estimated 71 percent of capacity. A slower slaughter pace for hogs will be partially offset by heavier weights – both cattle and hog slaughter weights last week were up from year ago levels, a result of the backup caused by plant shutdowns. Chicken production will be lower on fewer hatchings and lower chick placements...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
