North American Agribusiness Review October 2023
Date Posted: Oct 26, 2023
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
research.rabobank.com for the full report.
By Al Griffin