Overall US economic activity increased slightly in early 2023, said the Federal Reserve’s Beige Book Tuesday. The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts.  It characterizes regional economic conditions and prospects based on mostly qualitative information from each district.  It is published eight times … Read More

The USDA’s monthly World Agricultural Supply and Demand Estimates report Wednesday raised its 2023 beef production forecast from last month while lowering its pork production estimate. The USDA also adjusted 2022 red meat and poultry supply and use estimates to reflect revisions to slaughter and production data.   BEEF PRODUCTION ESTIMATE RAISED   For 2023, … Read More

The People’s Republic of China’s decision to end its zero-COVID policy restrictions was expected to improve demand for pork and beef products in 2023, the USDA’s Foreign Agriculture Service said in a semi-annual report. However, Brazil’s decision to suspend beef exports to China at the end of February following a suspected case of Bovine Spongiform … Read More

Brazil’s cattle production this year is expected to grow 1.3% to 48.5 million head, as the industry reaches its peak in the production cycle, said the USDA’s Foreign Agriculture Service, in a semi-annual report.   OVERVIEW   Cattle slaughter is expected to rise 2.8% because of elevated demand for beef exports and to feed recovering … Read More

Fertilizer prices have been on a declining trend in recent months, yet farm costs likely will remain high this year, said University of Illinois Agricultural Economist Carl Zulauf, in a report published by the Illinois farmdoc daily. Declines in natural gas and corn prices likely led to nitrogen fertilizer price decay, Zulauf said.  However, any … Read More

The numbers suggest cow herd expansion will not be possible this year, said Derrell Peel, Oklahoma State University Extension livestock marketing specialist, in a letter to Extension agents called Cow-Calf Corner. Drought-accelerated herd liquidation the past two years has made the beef cow herd the smallest in 61 years, Peel said.   HEIFERS DOWN   … Read More

It looks like wholesale beef prices are being supported by lower production, although lower pork production doesn’t seem to have had as much of an effect. Red meat production this year could continue to decline, and may not recover noticeably until 2024, a market analyst said.  As a result, prices could be supported for another … Read More