As mentioned last week, the President removed the remaining 40% tariff on Brazilian coffee, which pre-tariff accounted for one-third of all U.S. supplies. While tariff removal should eventually be bearish for prices, coffee is not in free fall yet.

In its first cattle report in two months, USDA said feedlot inventories on Nov 1st were 11.71M head, 2.2% below a year ago. New placements onto feedlots in Oct were down 10.0%. The cattle supply situation continues to deteriorate with no end in sight.

On Friday, Trump rolled back tariffs on more than 200 food products, including coffee, beef, bananas, and orange juice. The new trade deals will eliminate tariffs on most food imports from Argentina, Ecuador, Guatemala, and El Salvador. But don’t get too excited. Brazil is still the 800lb gorilla in the room,

Egg prices (large) hit record highs earlier this year, averaging $8.26/dozen in February – then dropped steadily to a 2-year low of $1.69 in October. But don’t get lulled to sleep. Fall has arrived, birds are migrating, and avian flu is back in the news.