At its May 3 meeting, the Federal Open Market Committee raised the Federal Funds rate by another 25 basis points, making the target Federal Funds rate range from 5% to 5.25%. Brady Brewer, of Purdue University’s Center for Commercial Agriculture, said in a report that the FOMC has consistently increased the Federal Funds Rate for … Read More
Funds Sell Cattle Futures
Large commodity index funds, called managed money, sold live cattle futures in the week ended last Tuesday, May 9, while hedgers covered short positions. That was according to data published by the Commodity Futures Trading Commission in its weekly Commitments of Traders report Friday. FUNDS LESS LONG CATTLE FUTURES As of last Tuesday, … Read More
USDA Sees 2024 Red Meat, Poultry Production Below 2023
Total US red meat and poultry production for 2024 was forecast by the USDA to be 1% less than 2023, as lower beef and fractionally lower pork production offset higher poultry production. Total red meat and poultry production forecasts for 2023 were raised from last month. Higher 2023 beef, pork and broiler production estimates more … Read More
Hog Market Reaction Swift After Prop 12 Affirmation
Hog market reaction was swift Thursday following the US Supreme Court’s decision to uphold California’s Proposition 12, which dictates that all fresh pork sold within the state come from sows that were given 24 square feet of floor space. Producer groups said the cost of pork to the consumer would rise sharply because of this … Read More
March Kansas Feedlot Closeouts Dip Below Average
Kansas feedlot closeouts declined in March in a slightly counter-seasonal move, dipping below the 2017-2021 average but staying above those of March 2022, according to statistics gathered by the Kansas State University Extension service and compiled by the Livestock Marketing Information Center in Denver. The data is collected from feedlots around the state, selected for … Read More
March Pork Exports Largest In Nearly Two Years
US March pork exports were the largest since May 2021, according to data released by USDA and compiled by the US Meat Export Federation. Beef exports were the largest since October but still less than last year’s high volume. PORK EXPORTS UP 17% March pork exports totaled 260,195 tonnes, up 37.614, or 16.9%, … Read More
Kansas Wheat Crop Withers
In what has been described as a “historically bad year,” many Kansas farmers are facing a tough decision: what to do with drought-stressed wheat that has little-to-no chance of making a crop. “Abandonment will be a big deal (this year) – the real unknown,” said Kansas Wheat Commission CEO Justin Gilpin. The state currently is … Read More