USDA reported the number of cattle in large feedlots August 1 was nearly identical to the same population a year ago. Feedlot operators are holding cattle to heavier weights this year compared to recent historical data. Cheap feed costs and scarce feeder cattle supplies favor putting more weight on cattle Read more…
The outlook for a buildup in new crop US corn stocks has pressured corn futures prices all summer. We project the harvest price range for December 2024 corn futures at $3.50 to $4.25 assuming USDA’s August 2024 US new crop corn supply/demand balance forecast. Factors to consider when forecasting a Read more…
USDA projects a 5% drop in US beef production in 2025 after an estimated 1% cut in 2024. The US domestic beef supply per capita in 2025 would be the tightest since 2016 based on USDA data forecasts. December 2024 cattle futures prices have been under pressure since late winter Read more…
USDA has forecast a 4% increase in US pork supply in 2024 / 2025 and a 7% increase in US pork exports in 2025. US Pork Supply (Million Pounds) 2024/2023 2025/2024 Annual 2021 2022 2023 2024 2025 % Change % Change Beg Stock 467 446 504 471 460 Production 27,690 Read more…
US Midwest farmers have enjoyed favorable weather this summer reflected in USDA’s projected record national average soybean yield. USDA also expects strong new crop US demand, but expected usage still well fall short of supplies leaving an expected buildup in US soybean stocks during the 2024/2025 crop year. US Soybean Read more…
Cash soybean processing margins remain wider than most years prior to 2023. Cheap soybeans account for Midwest soybean processor favorable returns as meal is trading well below the two previous years and oil is little more than half the value brought in early August if the years 2021 through 2023. Read more…