What You Need to Know Today:
The September Cattle on Feed report was strongly bullish, with both the 1 September on-feed inventory and August placements coming in well below average expectations and below the bottom of their respective pre-report estimate ranges. China continues to buy U.S. soybeans, with private exporters reporting another 111 KMT sale to China this morning for 2026/27 delivery. However, soybean and soymeal futures moved sharply lower as profit-taking and long liquidation emerged following the recent rally, highlighting the risk associated with historically large managed-money positions. Black Sea shipping risks remain elevated as London’s marine insurance market expanded its high-risk designation to cover the...
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...