North American Agribusiness Review April 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: The recent banking turmoil has complicated monetary policy for the Fed.

Logistics: Reefer rates strong while dry container rates tumble.

Consumer Retail & Foodservice: Slowing inflation but persisting pressure on consumers’ pockets.

Cattle: Market prices make new highs in the US and Canada on tighter cattle supplies and adequate demand.

Corn: Planted area expected to increase 4% but all eyes on weather.

Dairy: Lower prices persist as Northern Hemisphere output reaches 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: Balance sheet and sugar prices are not on the same page.

Tree Nuts: Almond prices improved, then stabilized as the industry awaits the estimate for the 2023 crop.

Vegetables: Inclement California weather causes disruption upstream and moves prices, counter-seasonally, higher.

Wheat: Keep your head on a swivel.

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