Publications

October 22, 2018

October 22 Weekly Update

10/22 – In Friday’s Cattle on Feed Report, the USDA said new placements onto feedlots in Sept were down 4.6% vs. Sept 2017. However, the Oct 1st feedlot inventory at 11.4M head was still 5.2% above a year ago and the highest 10/1 inventory on record. Of note was an

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October 8, 2018

October 8 Weekly Update

10/8 – Chicken supplies are large and prices are cheap. Aug broiler production was record large with average liveweights hitting a 2018 monthly high of 6.28 lbs vs 6.18 a year ago. Flock damage from Hurricane Florence will likely be a temporary production setback in Sept before output recovers again

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October 8, 2018

October 1 Weekly Update

10/1 – Friday’s USDA Quarterly Hogs && Pigs Report set the stage for record large pork supplies in 2019. The total Sept 1 hog inventory at 75.5M head was up 3.0% from a year ago. The market hog inventory was record large at 69.2M head. The breeding herd (6.3M) was

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September 17, 2018

September 17 Weekly Update

9/17 - In last week’s WASDE, the USDA raised 2018/19 corn yield to a record-high 181.3 bushels per acre and pushed production to 14.83B bushels, resulting in (potentially) the 2nd largest crop on record. The USDA has cut its 2018/19 corn price forecast from to $3.80 to $3.50 per bushel

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August 27, 2018

August 27 Weekly Update

8/27 – In Friday’s Cattle on Feed Report, the USDA said new placements onto feedlots in July were up 7.9%, and that the Aug 1 feedlot inventory at 11.09M head was 4.6% above a year-ago and the highest Aug 1st inventory on record. Beef supplies are up, but not nearly

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August 13, 2018

August 13 Weekly Update

In Friday’s WASDE report, the USDA estimated yield for this year’s corn crop at a record high 178.4 bushels per acre. The USDA raised its forecast for corn supplies, corn usage and corn exports. But the net effect is that 2018/19 corn ending stocks were revised 8.5% higher to 1.68B

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August 6, 2018

August 6 Weekly Update

So far, it’s been a summer of cheap meat. Most July prices were significantly below a year ago, helped out by July corn prices that averaged 7.7% lower than last year. July chicken prices (compared to year ago) were all down: -23% for bnls sknls breast; -34% for wings; -23%

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July 23, 2018

July 23 Weekly Update

7/20 – In Friday’s Cattle on Feed Report, the USDA said new placements onto feedlots in June were up 1.3%, and that the July 1 feedlot inventory at 11.3M head was 4.1% above a year-ago and the highest July inventory on record. Beef supplies are up, but not nearly as

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July 16, 2018

July 16 Weekly Update

7/16 - In last week’s WASDE report, the USDA reduced soybean exports by 250M bushels, or 12%, reflecting the projected impact of China’s retaliatory import duties that took effect on July 6. The Chinese bought $14 billion of U.S. soybeans in 2017. Soybean futures prices have plunged by 22%, from

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July 9, 2018

July 9 Weekly Update

7/9 - Class III milk futures, which finished the month of May at $15.47/cwt, plunged in June and closed at $14.20 on Friday. Why? Mostly due to fears that tariffs will not only halt dairy exports to our top customer (Mexico) and ruin margins for dairy producers, but also that

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