The May export data is in. Pork export volume was the third highest on record behind March 2020 and March 2021. Beef export volume set a historic record (also beating the previous high mark of March 2021), and for the third consecutive month the beef export value set a record. To date, beef exports are running 16 percent above the previous five-year average.
Red meat exports have benefitted in the long game that dates back almost two decades. Exports to Korea set a record in May at 29,403 MT, and for January to May were 121,881 MT valued at $912 million, which now makes Korea the leading value market for U.S. beef. In 2008, there were street protests about letting U.S. beef into the country after the BSE detection in 2003 –...
What You Need to Know Today: The cattle market rebounded sharply this week, with January feeder cattle futures gaining $16.98/cwt and February live cattle futures advancing $7.60/cwt since last Friday. Tyson Foods' plans to restore a second processing shift at its Amarillo, Texas, facili...
Tuesday’s CPI report from the Bureau of Labor Statistics (BLS) showed inflation roaring back stronger than expected in October. That probably locks in another rate hike – which was expected anyway – at the Federal Open Market Committee (FOMC) meeting in December. Consumer pric...
Key Takeaways: The rationale for farm programs has changed significantly from their original intentions. Farmers’ incomes have grown sharply and have surpassed non-farm incomes beginning in the 1970s. Current farm programs are complex and focus on supporting risk management, environmenta...
