2. The Livestock Slaughter Annual Summary is to be released on April 23rd. Last year’s report showed a slight decline in total red meat production, which was down 2% to 54.4 billion pounds. Additionally, beef, veal and lamb production decreased, with pork seeing a modest increase of 1% over the previous year. This year’s report is expected to show a slight increase in overall red meat and poultry production for 2024 due to higher slaughter and carcass weights, with beef and broiler sectors leading the growth.
3. The next U.S. Drought Monitor is set to be released on April 24th. This week’s report showed no significant changes in drought, with slightly more D4 conditions in Texas. Looking ahead, drought is expected to ease as heavy rainfall is predicted in parts of the central U.S., specifically in Oklahoma, Kansas, Missouri, Arkansas, Illinois, and Indiana with precipitation reaching/exceeding 3 inches in these areas. As waters recede in the areas that have been hit the hardest by flooding at the beginning of the month, damage to soft red winter wheat is being predicted. Expect drought to improve!
4. The third Crop Progress Report of the year is set to come out on April 21st. Last week’s report showed that corn planting was 4% underway, with overall winter wheat ratings at 47%. Additionally, spring wheat planting was at 7% while oat planting was ahead of the five-year-average with 41% complete. Next weeks report is expected to show a significant increase in corn planting, with estimates projecting around 17% to be completed but more rains in the U.S. eastern Corn Belt will slow planting down by the end of next week. Other crops, like wheat and soybeans, are expected to continue in their development while winter wheat continues to reflect a significant portion in good-to-excellent conditions.
5. The next U.S. Export Sales data will be released on April 24th. This week, corn exports hit a record high of 1.52 million MT, which was up 99% from the previous week and 39% from the prior 4-week average. The export pace accelerated vs. last week now up 26.6% vs. last week at +25%. Additionally, wheat was at 76,500 MT, down 29%, and soybeans saw a strong boost at 554,800 MT, up 74% from the 4-week average but China cancelled an old crop purchase a warning sign of more to come as the U.S/China trade war escalates. Looking ahead, next week’s report is expected to show continued strength in corn exports driven by solid demand and bookings. Wheat exports are expected to remain under pressure due to reduced domestic production and increased competition from global suppliers. A 3-year low in the U.S. dollar as the world sells the safe haven currency due to a lack of confidence in the U.S. economy and the leadership is lending a helping hand in global competitiveness.
For daily information and updates on agriculture commodity marketing and price risk management for North American farmers, producers, and agribusiness visit the Farms.com Risk Management Website to subscribe to the program.