The market has been active in weighing the impact of dry weather in several major exporting zones worldwide against U.S. harvest progress.
Allendale still reserves the potential for a few weeks ahead to still topple the current supply peak.
Allendale’s current up-front supply estimates show beef production in May at 6% over last year, June at 7% over last year.
Monday’s U.S. planting pace will also be watched closely to see if it falls further behind the five-year average.
The Stats Canada numbers fueled a soybean rally today.
As it stands right now, hog numbers are coming in just about right on schedule.
On the price end, we expect futures to slowly recover some of its lost value as it approaches the supply bulge in the weeks ahead.
While Monday’s planting progress might be a bit behind pace, the forecast currently suggests there is no reason to expect it to fall to a highly concerning level.
With a year-over-year increase of 3.9%, pork production is set to make records.
The corn market is seeing the eagerness of buyers to step in on even a small pullback.