Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month reflecting a faster than expected recovery from slaughter plant shutdowns, backlogs and reconfigured operations. Slaughter was down the last week of May due to Memorial Day, but last week rebounded by more than 25 percent for both hogs and cattle. The WASDE revised last month’s total beef, pork and broilers production forecast for the year to be slightly above (0.05 percent) 2019. The 2021 forecast is 2.6 percent above the 2020 projected output.
Cattle slaughter is still 6.7 percent below last year’s pace year-to-date, but beef production is down less at 4.4 percent based on heavier weights. Total weekly cattle slaughter...
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...
