Even with more cattle placed on feed in recent months, due to drought, January placements continued higher than many expected.
Depending on the level of U.S. exports, the U.S. balance sheet might then be at risk of a historically large level of ending stocks. Such an outcome is generally associated with weaker prices.
Farmers should plan for another year of tight margins in row crops in 2018, but good demand for cotton, corn, peanuts and soybeans in the year to come.
Global equity market correction continuance? Impact on commodity markets?