The average choice beef retail price for April was
reported at $10.473 per pound, up 39 cents from March, up $1.64 from
April 2025, and a new all-time high. The all-fresh retail beef price
for April also made a new all-time high of $9.642 per pound, which was
10 cents higher than a month ago. The average price for ground beef
increased 20 cents from March to $6.899 per pound. The average retail
pork price in April increased two cents from the month before to $4.89
per pound, while the average retail broiler composite price was at
$2.389, down nearly two cents from March.
Ted Turner died on May 6th at the age of 87. According
to the Land Report 100, Turner was the fourth-largest private landowner
in the country with 2 million acres spread across 13 ranches in Kansas,
Montana, Nebraska, New Mexico, and South Dakota. Turner's website noted
that the properties would be preserved. Across his ranches, Turner grew
a bison herd of about 45,000 head, making him the largest private bison
owner in the country. His herd provided meat for his restaurant chain,
Ted's Montana Grill.
The US Department of Justice and six states settled
their antitrust lawsuit against data company Agri Stats. The DOJ in
September 2023 alleged Indiana-based Agri Stat's weekly reports on meat
pricing and sales enabled anti-competitive practices in the chicken,
pork, and turkey industries. The case was scheduled to go to trial this
month. The settlement limits what data Agri Stats can collect, and
requires it to offer its data not only to meat processors, but also to
meat buyers.
The daily price limits for live cattle and feeder
cattle futures have been reset effective for June 1st. The new daily
limit on live cattle futures will be $8.50 per pound and for feeder
cattle it will be $10.75 per pound. These new price limits will be in
effect for one year.
After the Trump/Xi meeting in China, China restored
market access for US beef. The US Meat Export Federation said China has
granted a 5-year registration extension to 425 overdue US beef
establishments and added an additional 77 new US beef establishment
registrations to their system. USMEF said there were 38 US beef
establishments that remain suspended.
Grains
USDA predicted the total US winter wheat crop would
total 1.048 billion bushels, down 354 million bushels from last year.
The Kansas winter wheat crop was pegged at 214.6 million bushels, down
132.2 million from the previous year. Harvested acres for Kansas were
estimated to decline by one million to 5.80 million acres, and the
average yield was estimated to drop 14 bushels per acre from a year ago
to 37. The average yield in Colorado was pegged at 21 (down 17), while
the average yields in Oklahoma and Texas were both estimated at 28
(down 10 and 9 respectively). The Kansas Wheat Quality Council's 68th
Annual Hard Winter Wheat Tour concluded on May 14th, and came up with
an average Kansas yield of 38.9 bushels per acre, down from last year's
estimate of 53.0.
The US House passed legislation on May 13th that would
allow nation wide year-round sales of gasoline containing 15% ethanol
on a 218 to 203 vote. The Nationwide Consumer and Fuel Retailer Choice
Act will now move on to the US Senate, where it needs 60% of the votes,
and get a signature from President Trump to be enacted.
On the USDA May Supply/Demand report, we got the first
data for wheat for the 2026/27 crop year. USDA is estimating total
planted acres of 43.8 million (down 1.5), total harvested acres of 32.9
million (down 4.3) and an average yield of 47.5 bushels per acre (down
5.8). Notice the percent harvested acres is only 75% of planted acres
(82% last year). Ending stocks are projected to decline 17.3 million
bushels to 762 million. World ending stocks of wheat are projected to
drop 4.2 million metric tons to 275 million metric tons.
As of May 17th, USDA said that 76% of the nation's corn
crop was planted, equal to last year but slightly ahead of the 5-year
average of 70%. Soybean plantings were 67% complete, running ahead of
63% last year and the 5-year average of 53%. Emergence has been slow
compared to the fast planting pace, with corn 39% emerged and soybeans
32%. All of the major production states are running ahead of the 5-year
averages on the planting pace for both crops.