The total US hog population as of June 1st was reported
by the USDA at 74.486 million head, 1% larger than last year, and the
largest June inventory since 2020. Market hogs were pegged at 68.479
million head, up 2%, while hogs kept for breeding were counted at 6.008
million head, down 3%. This is the third consecutive quarter where the
breeding heard was estimated close to 6.0 million head. Sows farrowed
in the March-May quarter were the same as the previous year, but the
pig crop increased 2% to 34.021 million head thanks to a 2% increase in
pigs per littler (11.56). The US swine industry continues to expand due
to productivity gains.
Tyson Foods announced July 9th that it is selling its
Vienna, Georgia, based poultry complex. House of Raeford Farms will
acquire the site and said it intends to continue poultry processing at
the complex with the existing workforce and grower network. Founded in
1955, House of Raeford Farms is a North Carolina - based family-owned
business that supplies frozen and ready-to-cook products, deli meats,
and fully cooked chicken products to US foodservice and retail
customers. Its brands include House of Raeford, Speedy Bird, and Filet
of chicken. Financial details were not disclosed.
The average choice beef retail price for June was
reported at 811.9 cents per pound, a penny higher than May. The
all-fresh retail beef price was quoted at 799.5 cents per pound, 3
cents higher than the prior month, and another new all-time high. The
average ground beef price in June increased 32 cents from May to 547.2
cents per pound. The average retail pork price eased 4 cents lower from
a month ago to 488.0 cents per pound, while the average composite
broiler price in June was pegged at 240.3 cents per pound.
You wouldn't know it living in Kansas, but the national
pasture and range conditions have deteriorated to worse than a year
ago. For the week ending July 14th, 41% of the nations pastures were
rated as 41% good-excellent, 30% fair, and 29% poor-very poor. A year
ago, those ratings were 47%, 29%, and 24% respectively. The worst
ratings are in the west, and most recently in the eastern states of
Georgia, North and South Carolina, Virginia, and West Virginia.
Grains
Corn stocks as of June 1st were pegged by the USDA at
4.993 billion bushels, an increase of 890 million bushels over last
year. Corn stocks still held on the farm were reported at 3.026 billion
bushels, 61% of the total, and the largest supply of on farm corn since
1988. Where's the corn at? That state breakdown showed an increase in
all major production states, but the state that had the largest
increase by far was Illinois, where total corn stocks increased by
265.6 million bushels.
Soybean stocks as of June 1st were estimated at 970
million bushels, an increase of 173.6 million bushels over the previous
year. Soybean stocks held on the farm were 48% of the total. As was the
case with corn, the state with the largest year-to-year increase in
soybean stocks was in Illinois (up 50.1 million bushels).
Mexico's incoming administration will drop plans to
phase out imports of GMO yellow corn, and instead seek to maintain
self-sufficiency in white corn, according to incoming agriculture
minister Julio Berdegue. The previous administration proposed a ban on
GMO corn, which was later limited to corn for human consumption.
Mexico's year-to-date commitments to import US corn are currently at
850 million bushels, up 47%. Most of the US corn sent to Mexico is
shipped by rail, which explains in part the stronger corn basis in the
western Corn Belt.
On the July USDA Crop Production report, total winter
wheat production was estimated at 1.341 billion bushels, an increase of
935 million bushels from last year. Kansas winter wheat production was
pegged at 307.45 million bushels, up 106.2 million from 2023. Harvested
acres increased 1.4 million to 7.150 million acres. The average yield
was 43 compared to 35 last year. Oklahoma winter wheat production was
reported at 105.3 million bushels (up 36.7), Texas wheat production was
at 78.4 million bushels (up 700,000), and Colorado production was
quoted at 71.37 million (down 3.25 million).
Corn and soybean condition ratings continue to hold up
fairly well, with both crops rated as 68% good-excellent as of July
14th. A year ago, the corn was rated as 57% good-excellent, and
soybeans were rated as 55% good-excellent. Of the major production
states, Minnesota appears to be in the toughest shape at this time.