The USDA’s Foreign Agricultural Service’s total US red meat and poultry production forecast for 2023 was raised from last month on higher forecast beef, broiler and turkey production estimates.  This, according to the latest World Agricultural Supply and Demand Estimates report this week.   PORK PRODUCTION ESTIMATE WEAKENS   Pork production this year was seen … Read More

The US Federal Reserve’s Beige Book Wednesday said overall economic activity increased slightly since late May. Five districts reported slight or modest growth, five noted no change, and two reported slight and modest declines, the report said.   CONSUMER SPENDING   Reports on consumer spending were mixed.  Growth was generally observed in consumer services, but … Read More

Led by another outstanding month in Mexico and robust demand for variety meat, exports of US pork continued to gain momentum in May, according to data released by USDA and compiled by the US Meat Export Federation. While well below the record-large volume and value posted in May 2022, beef exports rose from April and … Read More

Kansas feedlot sales to beef packers, called closeouts, took a seasonal upward swing in May, but the total remained less than last year or the 2017-2021 average. Final weights, however, turned downward in an unseasonal move. The data is gathered by the Kansas State University Extension service from select feedlots around the state.  The results … Read More

Large commodity index funds, known as managed money, lifted their collective net long live cattle futures position while hedgers barely increased their total net short position during the six days ended Monday. The data came from the weekly Commitments of Traders report from the Commodity Futures Trading Commission Friday.  The report usually documents activity as … Read More

Mergers can disrupt local credit markets by changing financial institutions’ optimal portfolios, said Francisco Scott, economist at the Federal Reserve Bank of Kansas City, in an article Thursday. There is evidence suggesting the Farm Credit System mergers may have affected some outcomes for banks in the markets most likely to be affected by mergers, Scott … Read More

The Purdue University/CME Group Ag Economy Barometer index rose in June, rising 17 points to a reading of 121, said Purdue Agricultural Economist James Mintert, in a report. The sentiment upswing was driven by producers’ more optimistic view of the future, Mintert said.  However, their perception of current conditions remained unchanged from May. The Ag … Read More