Meat Prices & Feed/Crop Prices
I know I'm not the only guy here involved with farming and crop prices, but figure people in this thread are interested in info about what's driving meat prices. I read tonight that Smithfield Foods, the world's largest pork producer and a company familiar to many here, will import soybeans and corn from Brazil. The writer figures it's because it's cheaper to get Brazilian grains here by ship than to get U.S. grains to the East Coast by rail. Currency markets are also playing into it with the Brazil Real dropping against the US Dollar so far this year. Some big grain buyers estimate more than 90% of Brazilian beans have already been sold compared to less than 50% at this time in an average year. It'll be interesting (maybe more painful) to see how pork prices change over the next few months as corn and syobean harvests come in.
Another thing to watch is a drop in meat prices. Farmers and rancher will liquidate their herds so they don't have to buy feed at the higher prices. USDA is already predicting a rise in prices of 3-4% over the next year. I listen to 1040 WHO radio in Des Moines. They have an 1 1/2 hour show at 11:30am CST that covers these issues. You can also get this station on iHeart Radio.
1040 WHO Radio
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