Major players in the live cattle futures market held their net long or short positions relatively steady in the week ended Tuesday, said the Commodity Futures Trading Commission. Large commodity investment funds, called managed money, extended their net long live cattle futures position in the week, remaining near the top of their recent high volume, … Read More
ERS: 2018 Meat Exports Seen Higher
The USDA’s Economic Research Service’s new forecast for 2018 red meat exports is higher for red meats, poultry, eggs and dairy products as production in most products rises. The forecasts came in the ERS’ June Livestock, Dairy, and Poultry Outlook report, which was released Thursday. In the report, forecasts for more exports of lamb and … Read More
Cattle Market Dropping
Given live cattle futures and cash market action this week, it seems the market is giving up on its unusual spring bull run. It was good while it lasted. The Jun live cattle futures contract settled Wednesday at $124.50 per cwt, down the daily limit of $3.00, with Aug also off $3.00 at $117.87 and … Read More
Rising Interest Rates Highlight Cash Flow Needs
Rising interest rates affect farming in a big way as the capital-intensive businesses must generate the cash flow necessary to obtain favor with their local banks. The Federal Open Market Committee is meeting this week, and news outlets give the committee about a 60% chance of raising the Fed Funds rate another ¼ point, the … Read More
US, China Finalize Details To Send US Beef To China
The USDA announced Monday the details of a protocol that will allow US beef and beef products to be exported to China for the first time since December 2003. A USDA press release said it was part of the US-China 100-Day Action plan announced May 11, by US Secretary of Commerce Wilbur Ross and Secretary … Read More
WASDE Lowers 2017 Meat Production Outlook
The USDA’s World Agriculture Outlook Board Friday lowered its outlook for total 2017 US meat and poultry production from last month but raised it for 2018. The Board’s monthly World Agricultural Supply and Demand Estimates report showed reduced production estimates for beef, pork, chicken and turkey for this year from the report in May. Estimates … Read More
Chinese Firm Seeks Beef, Poultry Assets
In a move that is sure to draw fire from the more conservative US producer groups, Reuters reports that Smithfield Foods Inc.’s owner, China-based WH Group Ltd 0288.HK, is looking for US and European beef and poultry assets to buy. The story said such a move would lift Smithfield’s meat processing capacity and put it … Read More