Key Takeaways:
Corn and soybean meal markets are tightening together for the first time in more than a year, driven by lower U.S. yield expectations and continued Chinese soybean demand. A strong El Niño is replacing last year’s La Niña, shifting crop risk across the Americas through a slower U.S. harvest, weaker Brazilian corn prospects, and a stronger Argentine soybean outlook. U.S. dairy margins are narrowing as global feed costs rise, with DMC payments expected from August through December 2026 and the program’s lagged feed-cost formula likely understating near-term pressure. The production-cost gap of more than $20/cwt between the smallest and largest U.S. dairy farms is likely to widen because larger operati...
What You Need to Know Today: The U.S. dollar continued to strengthen Thursday as persistent inflation reinforced expectations for additional Federal Reserve interest rate hikes. Higher Treasury yields have helped support the dollar, potentially reducing the competitiveness of U.S. agricultural...
In yesterday’s WASDE, USDA reduced its overall red meat and poultry production forecast for 2026 as declines in beef and broiler output more than offset increases in pork and turkey production. Fourth-quarter beef production was revised downward because of slower fed cattle marketings and...
Key Takeaways: Dry bulk freight markets were stronger this week, but the rally was uneven and due to divergent dynamics across basins and vessel classes. Panamax markets were broadly higher, but Atlantic grain demand was primarily responsible while Asian activity was subdued. That trend...
