Two major news releases from USDA on Tuesday, Feb.23, prompted a counterintuitive market reaction as prices firmed toward the end of the week. The Cold Storage Report showed AA salted butter stocks at 328 million pounds through January 2021. To put that in perspective, [...]
As of Feb. 1, U.S. cattle on feed totaled just over 12.1 million head, the second highest February total since reporting began in 1996. Inventory was up 1 percent from January and up about 1 percent YOY, slightly above industry expectations. The high number [...]
FAO reported its January food price index up 2.7 percent from December and up 8.8 percent YOY (adjusted for inflation). Month on month, its component subindexes were either up (cereals, oils, sugar) or nearly flat (meat, dairy). Year on year, nearly all subindexes made [...]
The U.S. hog and pig population as of Dec. 1 was estimated at 77.5 million head, down 1 percent from both September 2020 (revised) and December 2019. The fourth-quarter hog count tends to be a bit lower than the Q3 number, reflecting increased slaughter [...]
In the U.S., the nongovernmental American Farm Bureau Federation reports that a meal for ten would cost about $46.90 at the grocery store (not adjusted for inflation). The figure, based on a nationwide survey, is down 4 percent from the estimate of $48.91 last [...]
As of late October, the European Commission’s 2020/21 EU-27 corn production estimate was 60.2 MMT, down 10.0 MMT from its August estimate, per Reuters. The EU has sourced most of its corn imports from Ukraine in recent years, but with both the EU and [...]
Adjusted for inflation, the September FAO Food Price Index was reported up 2 percent from August and up under 6 percent YOY. This is the fourth straight month of monthly gains but only the second straight month of YOY gains. Month on month, most [...]
Friday’s WASDE report noted some expected changes to the domestic corn balance sheet, including supply reductions that were partially offset by adjustments to demand projections. Planted and harvested acreage for 2020/21 were both reduced by 1 million acres, with the latter now pegged at [...]
