MARKET NEWS HIGHLIGHTS
July 2, 2018
beef stocks in cold storage at the end of May were reported at 403.6
million pounds, down 13% from last year and the lowest inventory of
beef in cold storage since November 2014. Total pork supplies in
cold storage were estimated at 628.7 million pounds, up 1% from the
previous year. Total chicken supplies were pegged at 834.3 million
pounds, down 5% from last year.
average choice retail beef price for May came in at 617.3 cents per
pound, up 7 cents from April, and the highest retail price since
June 2017. The all-fresh beef price for May increased 10 cents from
April to 589.4 cents per pound. The average pork retail price was
reported at 388.3 cents per pound, up nearly 10 cents from the
previous month, and the highest monthly price since October 2017.
Foods announced a new brand, Raised and Rooted, which will offer
plant-based and blended products for both groceries and restaurants.
It plans to start selling nuggets made from pea protein this
summer. A blended burger made from beef and pea protein will follow
this fall. Tyson will develop more Raised and Rooted products and
also spread plant-based alternatives through its other brands. For
example, Tyson's existing Aidells brand is getting sausage and
meatballs that contain 50-60% chicken and 40-50% plants like
chickpeas, quinoa, and lentils. Tyson is being careful to describe
its products as "alternative proteins" and not "meat".
Some states, including Arkansas and Missouri, ban plant-based foods
from being called "meat".
USDA estimated the total June 1st
hog population at 75.520 million head, 4% above a year ago and an
all-time record. The market hog inventory was reported at 69.111
million head, also up 4% and a new record. The weight breakdown on
the market hogs was front-end loaded, with hogs weighing 180 pounds
and over up 8%. Hogs kept for breeding purposes totaled 6.410
million head, up 1% from last year, and the largest US breeding herd
since June 1999. The March-May pig crop was estimated at 34.177
million head, up 4% from a year ago, mainly due to a 3% increase in
pigs/litter to 11.0. Expansion in the hog industry is still alive
Ernie Minton has been named the new dean of the K-State College of
Agriculture and director of K-State Research and Extension. Minton
has been serving as the interim college dean and KSRE director since
July 2018. Minton has a bachelor's degree in agriculture from
Western Kentucky, and a masters degree in animal science and a
doctorate in animal reproduction, both from Oklahoma State.
chair of the World Outlook Board, Dr. Seth Meyer, announced he will
be departing the USDA effective July 13th,
and will return to the faculty of the University of Missouri's
Department of Agriculture Economics. Deputy board chair Dr. Mark
Jekanowski will step in as acting board chair.
Secretary Sunny Perdue announced the Kansas City region will serve
as the new location for the USDA Economic Research Service and the
National Institute of Food and Agriculture. The announcement came
after employees at NIFA voted overwhelmingly to form a union through
the American Federation of Government Employees to oppose the move
by USDA. Employees at ERS also voted to affiliate with AFGE. In
the news release, USDA said it conducted a cost-benefit analysis,
finding a cost savings of $300 million during a 15-year lease term
on employment costs and rent.
Hennessey, the Ashby, Minnesota, grain elevator manager who
embezzled funds and used the money for wildlife safaris and other
personal items, essentially driving Ashley Farmers Cooperative
Elevator Company out of business, was sentenced to eight years in
prison and ordered to pay $5.3 million in restitution to the
On the June 1st Quarterly Stocks report, USDA reported corn stocks of 5.202 billion bushels, down 103 million bushels from last year. Soybean stocks were the largest on record at 1.790 billion bushels, up 571 million bushels from a year ago. Wheat stocks were estimated at 1.072 billion bushels, down 27 million bushels on the year.