The North American Agribusiness Review for April 2023, provided by one of our investors Rabobank.
It gives a market outlook for dairy, cattle, wheat, and other key commodities and an overview of what developments to watch in the upcoming months in North America.
Economy: The recent banking turmoil has complicated monetary policy for the Fed.
Logistics: Reefer rates are strong while dry container rates are tumbling.
Consumer Retail and Foodservice: Slowing inflation but persisting pressure on consumers’ pockets.
Cattle: Market prices reach new highs in the US and Canada on tighter cattle supplies and adequate demand.
Corn: Planted area is expected to increase 4%, but all eyes are on the weather.
Dairy: Lower prices persist as Northern Hemisphere output reaches its seasonal peak.
Farm Inputs: Accelerated Changes in Farming Practices?
Feed: Soybean meal prices remain strong.
Fruit: elevated strawberry prices.
Pork: Producers struggle as consumption continues to disappoint.
Poultry: Chicken markets remain sluggish on depressed white meat sales.
Soybeans: Strong prices, high interest rates, and uncertain demand prompt hand-to-mouth buying.
Sweeteners: The balance sheet and sugar prices are not on the same page.
Tree Nuts: Almond prices improved, then stabilized as the industry awaited the estimate for the 2023 crop.
Vegetables: Inclement California weather causes disruption upstream and moves prices counter-seasonally higher.