Tridge summary
The USDA's August WASDE report presents a mixed outlook for various agricultural markets. For cattle and beef, the report is supportive, with increased 2024 beef production and higher steer price forecasts, along with raised beef imports and exports. Pork production for 2024 is expected to decrease, with varied price projections. On the grains side, a record soybean crop of 4.589 billion bushels and increased corn production of 15.147 billion bushels are forecasted. The report's ending stocks estimates are neutral for corn, bearish for soybeans, and neutral to bullish for wheat. Globally, corn production and ending stocks are down, while U.S. soybean production is set to hit a record high, leading to the highest ending stocks in six years. U.S. wheat production is forecasted to decrease, but global wheat production and exports are projected to increase.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
OMAHA (DTN) -- USDA's August World Agricultural Supply and Demand Estimates (WASDE) report was supportive to both cattle and beef markets, according to DTN Livestock Analyst ShayLe Stewart. USDA released its August (WASDE) and Crop Production reports at 11 a.m. CDT on Monday. USDA raised its beef production estimate for 2024 by 81 million pounds, as production for both fed steers and heifers and cows is expected to be stronger in the second half of the year than originally anticipated. Feedlot operators should be encouraged by the forecast in quarterly steer prices, as in 2024, steer prices are expected to average $193 (up $3 from last month); and in the fourth quarter, steer prices are expected to average $190 (up $2 from last month). Steer prices in the first quarter of 2025 are expected to average $189 (up $1 from last month), and the second quarter is expected to average $190 (unchanged from a month ago). Beef imports for 2024 were raised by 42 million pounds, but beef exports ...
Source: Dtnpf
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