This periodical update provides a market outlook for dairy, cattle, wheat, and other key commodities, and gives the following overview of what developments to watch in the upcoming months in North America:

  • Economy: Challenges
  • Climate: Crop looks secure despite dryness, while El Niño persists into 2024
  • Logistics: Low demand, schedule reliability, emissions surcharges, and rising fuel costs
  • Consumer Retail & Foodservice: Downtrading and continued search for value
  • Cattle: Cattle supplies tighten as drought remains a concern across relatively wide swaths of North America
  • Corn: Will additional demand materialize to accommodate “better-than-expected” yields
  • Dairy: Milk production marked two consecutive months of weakness, driven by a smaller herd size and lower yield
  • Farm Inputs: Soybean farmers beware
  • Feed: Pasture and range conditions are better, but remain below average
  • Fruit: Blueberry, table grape, and stone fruit prices are higher as weather irregularities impact availability
  • Pork: Improved productivity and slow herd reductions will pressure market
  • Poultry: Chicken production moves lower; prices slow to respond
  • Soybeans: Renewable diesel production gets ahead of itself
  • Sweeteners: Drought continues to add pressure in the region
  • Tree Nuts: Harvest time featuring a record pistachio crop in California
  • Vegetables: US potato production rebounds
  • Wheat: Global stocks remain tight on production woes

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By Al Griffin