The coffee market took a sharp bullish turn over the past month. Last year’s harvest had been plagued by weather-related crop losses in Brazil (Arabica) and Vietnam (Robusta), which tightened global inventories.

In Friday’s WASDE report, the USDA lowered its 2026 beef production forecast from 2.2% to 2.7% below a year ago. That comes on top of a 3.6% decline in beef output in 2025. The beef cattle herd is record small and the New World Screwworm threat appears to be growing.

Last week’s jobs report was “meh”, with 57,000 net new jobs created in June and the unemployment rate remaining historically low at 4.2%. The U.S. economy has averaged 92,000 net new jobs per month so far this year (Jan-June).

In last week’s quarterly report, the USDA said that all hog and pig inventories in the U.S. on June 1st (73.66M head) were roughly even with a year ago and 0.4% below last quarter (March 1).