U.S. data shows COVID-19 infection rates are now down to levels not seen since early fall, a sign economic recovery could also take shape. As more consumers venture out to restaurants, it could also help meat demand.
USDA’s Ag Outlook Forum painted a brighter forecast for corn demand this year. While USDA does expect a 7% increase in production, the agency is also forecasting an increase in domestic use, as well as exports.
With the run-up in stock prices for GameStop, AMC and others, could corn, soybeans or cattle be next? Listen to what Tommy Grisafi of Advance Trading had to say about it on U.S. Farm Report this weekend.
U.S. farmers are facing a changing scenario this year. From wet conditions impeding planting in 2020, to now drought concerns creeping in, one analyst thinks weather could be a major market mover in 2021.
As China builds its domestic stocks of protein like pork, there are fears the country may view its supplies as ample in the second half of 2021. That could put more pressure on domestic demand to carry prices.
CoBank estimates meat supplies at grocery stores could shrink nearly 30% by Memorial Day, leading to prices rising by as much as 20%. Some cattle producers say they are barely hanging on due to futures prices.