North American agribusiness review April 2024

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: Bumps in the road.

- Climate: El Niño’s exit.

- Logistics: A deflationary year and a new normal.

- Consumer Retail & Foodservice: Volumes recovering slightly as food manufacturers seek to sustain margins.

- Cattle: Beef and cattle demand begins the year historically strong, supply pressures remain prevalent.

Cotton/Rice: Old crop prices face a reality check/Rice acres up.

- Corn: Chinese and South American crops a bad sign for US corn exports.

- Cotton/Rice: Old crop prices face a reality check/Rice acres up.

- Dairy: Milk production marks eighth consecutive decline in February; low cheese prices prevent farmer margin recovery.

- Farm Inputs: UAN looking ok.

- Feed: Prices continue to decline on ample supplies of DDGS and soybean meal.

- Fruits: Navel orange prices up despite increased availability, signaling healthy demand.

- Pork: Strong exports and limited supply growth help industry return to profitability.

- Poultry: Tighter supplies as productivity challenges linger.

- Soybeans: Palm oil support could prove fleeting.

- Sweeteners: Mexico's drought continues to shock the sugar market.

- Tree Nuts: Almond production to rebound in California as conditions were favorable during bloom.

- Vegetables: Reduced potato acreage expected for 2024 in the US.

- Wheat: Pressure being felt from low exports.

- Cotton/Rice: Old crop prices face a reality check/Rice acres up.

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  • Al Griffin

    Senior Data Analyst
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  • Roland Fumasi

    Head of RaboResearch Food & Agribusiness - North America
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  • Christine McCracken

    Senior Analyst – Animal Protein
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  • Lance Zimmerman

    Senior Analyst – Animal Protein
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  • Tom Bailey

    Senior Analyst – Consumer Foods
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  • JP Frossard

    Analyst – Consumer Foods
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  • Andrick Payen

    Analyst – Grains & Oilseeds
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  • Stephen Nicholson

    Global Strategist – Grains & Oilseeds, Farm Inputs
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  • David Magaña

    Senior Analyst – Horticulture
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  • Mary Ledman

    Global Sector Strategist – Dairy
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  • Xinnan Li

    Analyst – Packaging & Logistics
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  • Pablo Sherwell

    Lead of F&A Data Analytics - North America
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  • Jim Owen

    Senior Analyst – Packaging & Logistics
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  • Samuel Taylor

    Analyst - Farm Inputs
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  • Owen Wagner

    Senior Analyst – Grains & Oilseeds
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  • Lucas Fuess

    Senior Analyst – Dairy
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  • Chase Beisly

    Analyst – Animal Protein
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