North American Agribusiness Review October 2023

This periodical update provides a market outlook for dairy, cattle, wheat, and other key commodities, and gives an 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.

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