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Record Breaking Heat Across Central U.S. Poses Risks to Livestock, Crops
The extreme heat impacting a large portion of the country this week has posed significant challenges for producers and their livestock.
Highs into the upper 90s and low 100s are forecast for a broad region between the Midwest and central Gulf Coast today, according to the National Weather Service. Coupled with high humidity levels, heat indices could approach 120 degrees in some regions. While it's not unusual for August to experience heat, the current temperatures have shattered records.
Over 110 million people across 20 states are currently under heat...
Improved Rainfall Sends Soybean Futures to Multi-Week Lows
Widespread showers have largely benefitted corn and soybeans in the nation's key crop-producing regions, sending soybean futures on the Chicago Mercantile Exchange to multi-week lows on Monday.
November soybeans shed over 31 cents and fell to the lowest level since June 30, closing at $13.02 per bushel.
In the latest USDA Crop Progress report, good to excellent ratings for soybeans were reported at 54%, up 2% from the week prior. Soybeans blooming moved up to 90%, above past progress benchmarks...
Livestock Futures Swept Up in Broad Losses Following Fitch Downgrade
Earlier this week, Fitch Ratings downgraded the United States’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to AA+ from AAA. This was the first time the U.S. received a downgrade from one of the three main rating agencies since 2011.
Fitch cited several drivers behind its decision, including “a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025.” The full report can be found here...
U.S. Beef Herd Declines for Fifth Straight Year
The semiannual USDA Cattle Inventory report, released Friday afternoon, indicated that all cattle and calves in the United States as of July 1 totaled 95.9 million head, down 2.7% from a year ago.
The average pre-report estimate in the Urner Barry survey was expecting a 2.3% decline to 96.3 million head.
The 2023 calf crop was estimated at a record low of 33.8 million head, down 2% from 2022. Total cows and heifers that have calved were reported at 38.8 million head, down 2% from 2022 and nearly on target with analysts' expectations...
Old Bulls Bring New Genetic Benefits To Light
Animal genetics plays a crucial role in modern agriculture, enhancing food sustainability, and animal adaptation to a changing climate. Over the years, animal breeders have underlined the significance of genetics in enhancing animal productivity. Preserving diverse sources of animal germplasm is crucial to maintaining genetic diversity, which provides economic sustainability and food security in the face of new diseases and climate change, and advances our knowledge of animal genetics and genomics.
USDA's Agricultural Research Service's National Animal Germplasm Program (NAGP) has collected and preserved more than one million samples from over...
Grain Markets Rebound from Weather-Related Sell-Off Late Last Week
The grain markets have whipsawed in recent days as traders monitor weather conditions in the Midwest and await the upcoming USDA acreage report. The annual report from the government indicates acreage by planted and/or harvested areas by state for various crops including corn, soybeans, and wheat.
Forecasts for much-needed rain in the Midwest contributed to a sell-off in corn and soybean futures late last week, with December corn plummeting by over 32 cents on Friday after climbing to a multi-month top...
USDA Issues Final Rule Regarding Preserving Trust Benefits Under the Packers and Stockyards Act
The U.S. Department of Agriculture (USDA) published a notice in the Federal Register on June 23, 2023, implementing revisions to regulations under the Packers and Stockyards Act (Act). These revisions implement the Livestock Dealer Statutory Trust, which provides financial protection for cash sellers of livestock. These updated regulations are part of USDA’s efforts to support transparency throughout the supply chain and ensure fair prices for farmers and livestock producers. The revisions go into effect on July 24, 2023.
Congress amended the Act providing for a statutory...
Hog Report Expected to Show 0.7% Decrease in Total Herd vs Year Prior
The USDA’s quarterly hogs and pigs report, scheduled for release Thursday afternoon, is expected to show a decrease in the U.S. swine herd versus June 2022.
Analysts on average predict the all hogs and pigs number as of June 1 to be down 0.7% from a year ago.
The average of the estimates for all hogs and pigs would project 72.016 million head, compared with 72.524 million a year ago.
The survey showed on average the number of females kept for breeding at 0.7% below a year ago...
ANALYSIS: Cash Cattle Market Kicks Off New Month With Fresh Record Highs
This week’s cash cattle trade started off with a bang on Thursday as prices advanced by as much as $9 per cwt from the week prior. Negotiated prices in the South reached $180 per cwt, a new high for the year as well as a record high level for the Texas/Oklahoma region.
In the North, live prices achieved $188 per cwt, also a fresh record high. Dressed sales climbed to $292.50 per cwt in Nebraska, approaching the all-time record of $298...
Broad Losses Weigh on CME Livestock, Grain Futures
CME livestock futures were seemingly swept up in the broad-based losses across commodities and U.S. stocks Tuesday.
Following a sharp rise to contract highs last week, the April live cattle futures contract closed 52.5 cents lower at $167.60 per cwt Tuesday. Despite the pullback, yesterday’s settlement price was towards the top end of last week’s ranges.
Bullish fundamentals including a seasonal advance in the beef cutout, tightening cattle supplies, and reduced beef production remain in play for the cattle markets...
USDA Data Show All Hogs/Pigs Up 0.2% vs '22, Near Expectations
The government's quarterly hogs and pigs report Thursday pegged the number of swine on U.S. farms as of March 1 at 0.2% above a year ago and nearly on target with what the participating analysts had predicted on average.
The U.S. Department of Agriculture reported the nation's hog and pig herd at 72.860 million head, slightly below the average of analysts' estimates which represented a herd of about 72.907 million.
In the quarterly inventory data, the USDA reported the nation's swine breeding herd as of March 1 at...
Stocks Futures Add to Gains Ahead of Federal Reserve's Policy Meeting
U.S. stocks added to Monday’s gains in early action Tuesday on optimism that the global banking system is stabilizing after UBS acquired Credit Suisse for $3.2 billion.
“After negotiations that took place during the weekend leading up to the signing of the merger agreement, UBS and Credit Suisse concluded that it would be in the best interest of their shareholders and their stakeholders to enter into the merger,” according to a press release from Credit Suisse...
U.S. Stocks Add to Volatility as Traders Weigh First Republic Lifeline
Adding to this week’s volatility, the Dow Jones Industrial Average declined by 0.4% Friday as traders assess the situation surrounding First Republic Bank.
The nation’s largest banks, including Bank of America and JPMorgan Chase, have granted a $30 billion deposit in First Republic to strengthen confidence in the banking sector.
The S&P 500 was last 0.3% lower. The tech-heavy Nasdaq-100 was flat to slightly firmer and has advanced by over 5% so far on the week, its best performance in several months.
U.S. stock finished...
Concerns Over Banking Sector Fueled Sell-Off in Livestock Futures
All eyes have been on the financial sector in recent days following the collapse of Silicon Valley Bank and Signature Bank over the weekend. On Wednesday, U.S. stocks tumbled as growing concerns over the financial system mounted. Shares of Credit Suisse, a global investment bank and financial services firm based in Switzerland, declined by as much as 30% and hit an all-time low.
The downturn in stocks likely spilled over into livestock futures Wednesday. Live cattle and feeder futures closed lower for a fifth consecutive session yesterday, sending the April contract to a multi-week floor. Further declines in futures prices yesterday triggered cash cattle sales by hedged feeders, who captured the positive basis of cash over futures...
Livestock Dealer and Four of Its Managers Sentenced in Widespread Pig Fraud Scheme
An Iowa corporation and four of its high-level managers have been sentenced in federal court after law enforcement uncovered a wide-ranging scheme to defraud that victimized livestock producers throughout the Midwest, caused over $3 million in loss, and spanned nearly two decades.
Lynch Family Companies, Inc., of Waucoma, Iowa, also known as “Lynch Livestock,” pled guilty on July 29, 2022, to one count of Failing to Comply with an Order of the Secretary of Agriculture. On February 10, 2023, Lynch Livestock was sentenced...
USDA Announces Major Program Improvements, Progress, and Investments to Benefit American Farmers
Today, at the American Farm Bureau Federation annual convention, Agriculture Secretary Tom Vilsack announced several major developments at the U.S. Department of Agriculture that will benefit farmers, ranchers and producers across the nation.
“At USDA, our goal is to provide all farmers, including new and underserved producers, with the opportunity to receive the assistance they need to continue farming, to build and maintain their competitive-edge, and to access more, new, and better markets,” said Vilsack, who spoke at the American Farm Bureau Federation...
USDA Developing New Tools to Identify COVID Virus in Wild and Domestic Animals
U.S. Department of Agriculture scientists are developing new tests and tools to identify and track the COVID virus and its variants in wild and domestic animals.
USDA’s Animal and Plant Health Inspection Service (APHIS) is currently implementing a $300 million provision in the American Rescue Plan Act to monitor susceptible animals for the COVID virus. Through this initiative, APHIS is partnering with USDA’s Agricultural Research Service (ARS) on five research projects to improve understanding of the virus and to help USDA accomplish its goal of building...
Recognizing Animal Protein’s Critical Role Ahead of UN Climate Summit Agriculture Day
The Interamerican Institute for Cooperation on Agriculture (IICA) convened its first-ever "Sustainable Agriculture in the Americas" pavilion at the UN Climate Summit (COP27) and partnered with the Protein PACT and other stakeholders to convene a total of 9 events focused on animal agriculture's key role in sustainability solutions.
The Protein PACT events included a November 9 panel on sustainable livestock across regions and production systems, National Pork Board Assistant Vice President Ashley McDonald shared U.S. pork's commitments to ethical principles, best practices, and documenting proof...
USMEF Conference Concludes with Election of New Officers, Overview of Current Trade Landscape
The U.S. Meat Export Federation (USMEF) Strategic Planning Conference wrapped up Friday in Oklahoma City with the election of a new officer team. Dean Meyer, a corn, soybean and livestock producer from Rock Rapids, Iowa, is the new USMEF chair.
In addition to raising corn and soybeans, Meyer’s diversified operation – which he oversees with his three sons – includes a cattle feedlot and a farrow-to-finish hog facility. This provides him with a deep appreciation of the diverse range of agricultural sectors that make up USMEF...
Grant Available to Help Cattle Producers Attend Educational Events
Cattle producers are the original stewards of land and livestock and are constantly striving to improve their operations through education and professional development. To help reduce the financial burden of attending conventions and meetings, the National Cattlemen’s Foundation and Cargill created the Rancher Resilience Grant, which is administered by the National Cattlemen’s Beef Association. The grant reimburses producers for registration fees and other expenses at specific educational events, including Cattlemen’s College during the 2023 Cattle Industry Convention & NCBA Trade Show in New Orleans...
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