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Ag economists’ views on the ag economy took a dive in the first Ag Economists’ Monthly Monitor of 2024; however, relatively strong balance sheets and working capital could provide a cushion for 2024. 

USDA’s final look at crop production for 2023 caught the commodity markets by surprise. The agency increased the final yield estimates for both corn and soybeans, and as a result, prices plummeted on Friday. 

Brazil is seeing a sudden shift in weather with heavy rains now forecasted over the next two weeks. While it will bring relief to drought areas, it could cause harvest delays and issues planting the safrinha corn crop. 

Effective Nov. 22, 2023, and until further notice, the USDA APHIS Veterinary Services is restricting the importation live swine, swine germplasm and unprocessed products and by-products from Bangladesh.

In a significant development for the U.S. pork industry, the Philippines has announced the extension of reduced tariff rates on imported pork through the end of 2024.

From the election to world trade, as well as geopolitical factors that have the potential to shape agriculture in 2024, the December Ag Economists' Monthly Monitor shows the possibility of several economic surprises.

If there’s any “good” news for 2024, economist Joe Kerns says it’s that it can’t be worse than 2023. Although economists expect 2024 to be another challenging year, some believe it will be a turning point for U.S. pork.

The North American pork market is undergoing a period of rebalancing, as producers grapple with challenging margin outlooks and the need for strategic adjustments in response to economic factors.

With support from the USDA, the National Pork Board and the Beef Checkoff Program, the U.S. Meat Export Federation (USMEF) has embarked on a mission to enhance the merchandising of U.S. red meat in Colombia.

U.S. pork exports posted another strong performance in October. Beef exports remained well below last year’s large totals but improved from September.

Analysts say an initial cut could be made as early as first quarter 2024. One of the key factors the central banking system will consider is whether its inflation rate target of 2% has been achieved.

In a positive development for the U.S. meat industry, China recently granted approval for 18 U.S. beef establishments and 12 U.S. pork establishments to export to China, the U.S. Meat Export Federation reports.

After two months of a waning outlook on the ag economy, economists views took a turn in the November Ag Economists’ Monthly Monitor, a survey of nearly 70 ag economists from across the country.

The agency says exports picked up steam this year in countries such as Canada, India and Japan and that the new Regional Agricultural Promotion Program will keep the wheels of progress turning in 2024.

In September, U.S. pork exports experienced a slight decline compared to the previous year but maintained a robust pace, according to data released by the USDA and compiled by the U.S. Meat Export Federation (USMEF).

In recognition of many years of service to the U.S. agricultural industry, the U.S. Meat Export Federation recently announced its 2023 award recipients.

According to Rabobank’s recent global pork quarterly report, even certain improvements struggle to help flip the narrative for the industry throughout the world.

Farmers are opting to tap into their savings from recent prosperous years instead of taking out loans at the highest interest rates since 2007, according to surveys conducted by regional Federal Reserve banks.

While the U.S. and EU aim to make progress during an upcoming summit, reaching a final agreement is uncertain. This issue has significant implications for U.S./EU ties, climate goals, and geopolitics.

China's Commerce minister expressed concerns over trade and tech restrictions to U.S. Senate Majority Leader this week. That's as the U.S. Commerce Department added 42 more Chinese companies to the export blacklist.

As pork producers’ potential profits continue to erode this year, some economists say 2023 could be financially worse than 1998, which is unearthing concerns about contraction, restructuring and vertical integration.

While ag economists continue to be at odds when it comes to the likelihood of a recession in the U.S., some doubt the country's biggest importers will be able to avoid a recession over the next 18 months.

Based on negative publicity regarding the use of ractopamine, U.S. pork exports to Taiwan plummeted in recent years. However, due to the global pork supply dynamics, U.S. pork has rebounded to the country in 2023.

Ag economists’ view on the ag economy is starting to erode. The September Ag Economists’ Monthly Monitor shows lower commodity prices, concerns about demand and a negative outlook for China’s economy.

As brent crude futures soar toward $100, it's creating a new battle in the Federal Reserve's effort to fight inflation. One money manager warns another rate hike is likely. 

U.S. Meat Export Federation President and CEO, Dan Halstrom, recently shed light on an international producer and grower tour, as well as the current state of U.S. meat exports.

The International Longshore and Warehouse Union agreed to a six-year contract, effective July 1, 2022 through July 1, 2028.

Latin American meat importers recently convened at an USMEF seminar held at the University of Nebraska-Lincoln to gain a comprehensive understanding of the merits and distinctive qualities of U.S. beef and pork.

USDA on Thursday lowered expectations for both ag exports and imports in FY 2023. The export decline is linked to corn and wheat, while the import decline is correlated with easing prices.

Access has recently been granted for Brazilian pork and beef imports to the Dominican Republic, reports the U.S. Meat Export Federation, following an announcement by Brazil’s Minister of Agriculture and Livestock.

Tyson Foods’ decision to shutter four poultry processing plants, combined with Smithfield Foods announcing the closure 35 Missouri pig farmers, are strong signals that rapid consolidation is already underway.

In early 2022, a possible trucker shortage grabbed headlines, but John Phipps says even today, there isn't much hard data to substantiate that alarm.

A market analyst shared a gloomy outlook for the country on Thursday, saying the U.S. balance sheet and financial condition have been deteriorating significantly over the last decade. He expects more of the same ahead.

For 2024, USDA projects that food price inflation will be lower than that seen in 2023 and significantly lower than the rise seen in 2022.

The July Ag Economists' Monthly Monitor showed several key changes from June including a bigger cut to corn and soybean yields, a drop in corn and soybean prices and more bullish cattle and hog prices.

Meanwhile, service prices and the core index (which excludes food and energy) remain high, with the core CPI descending to 4.8%.

This slump, deeper than May's 7.5% drop, represents the largest decline since February 2020.

This year, U.S. pork exports to Chile have rebounded, increasing 30% through April year over year, reports the U.S. Meat Export Federation, fueled by retail and foodservice features.

The National Drought Mitigation Center estimates 67% of corn and 60% of soybeans are still considered to be in drought, a slight improvement from last week when drought covered 70% of corn and 63% of soybeans.

USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.

The Ag Economists’ Monthly Monitor is a new survey of nearly 50 economists. Most ag economists agree the next 12 months could produce more financial pressure for agriculture, but their views vary depending on commodity.

Drought is deepening across the Midwest with 64% of the corn crop and 57% of the soybean crop across the U.S. now covered in drought, a sizable jump in just a week after NASS showed a historic drop in condition ratings.

The U.S. and China have reportedly made “progress” and agreed to stabilize their relationship, but no major breakthroughs were outlined during the two-day meeting between U.S. and China high-ranking officials.

The CPI for May shows egg prices experienced the largest monthly drop in 72 years, but the price consumers are paying for a dozen eggs is still well above average over the past 10 years.

While cattle prices continue to post contract highs, hog prices continue to see intense pressure, and it's creating a dismal outlook for pork profits this year. What's behind the price pressure? Analysts weigh in.

While a backlog of ships may not be grabbing headlines compared to 2020, the labor uncertainty is impacting U.S. red meat exports, says Dan Halstrom, USMEF president and CEO.

U.S. pork exports trend higher in March with optimism for strong months ahead, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF) in a recent report.

Exports rose 2.1% in March from the prior month to a seasonally adjusted $256.2 billion while imports declined 0.3% to $320.4 billion, the Commerce Department said.

The causal link between the Federal Reserve discount rate and inflation is obvious to all serious armchair economists, but calls for an impending recession in the U.S. are missing a few details. John Phipps explains.

With the youngest demographic in the world, the U.S. Meat Export Federation sees Africa as a promising destination for U.S. red meat exports, but not without a number of supply chain challenges.