USDA released its farm income forecast yesterday reflecting lower prices across the board for livestock and poultry.
On the input expense side, purchases of livestock and poultry are expected to drop 7.5 percent to $26.5 billion from $28.66 billion in 2019. A big issue in looking forward on pricing production is the extent and impact of the backlog from the COVID shutdowns. Pork slaughter is above last year’s levels, but there is still a large number of hogs out there. Beef slaughter is 4.8 percent lower than last year, but remains above the five-year average. As we previously reported, the number of cattle on feed as of 1 August was an all time record for the month. September is typically the lowest on feed inv...
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...
