This month the USDA forecast US beef production at 26 billion pounds, down 3 percent on a year over year basis. The negative production estimate reflects a 2% reduction in the US cattle inventory on January 1, 2024. The 2024 January cattle census was the smallest in more than 50 Read more…
USDA has been steadily increasing the pork production projection for the first half of 2024, USDA has kept the second half of 2024 US pork production projection at a steady +3 to 4% year over year increase. We have fitted a model using the late winter through summer price range Read more…
The soybean/corn price ratio prevailing since harvest suggests a significant decline in corn planted area this spring. In the October 2023/January 2024 period soybeans averaged 273% of the price of corn (farm level) compared to 215 % during the same period a year earlier. The economic disadvantage results in a Read more…
The first half 2024 supply of feeder cattle will be the tightest this century based on a calculation made from data in the recently released Cattle Inventory report. We calculate there were 10,9 million head of cattle over 500 pounds but not in feedlots or reserved for herd expansion on Read more…
Midwest farmer simulated budgets suggest soybeans hold an economic advantage over corn at midwinter prices although a soybean enterprise is only modestly more profitable per acre than corn. Utilizing data from the last thirty years, the current corn/soybean price ratio results in the forecast for US soybean planted area of Read more…