The markets are still working to digest all the trade action we have seen over the last month. Analysts say grain reports are still lagging behind that data, but economists with USDA say their livestock reports are starting to take that information into account.
“We assume ‘policy in place.’ So, tariffs that China has placed on us in retaliation, and the tariffs we have placed on them, are assumed to continue throughout the remainder of this marketing year and into next marketing year,” said Seth Meyer.
Corn is another area Meyer is watching. Last week’s WASDE report showed little changes, largely because exports to China have dropped, and the marketing year is nearly over.
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Lewis Williamson with HTS Commodities joined us to provide analysis on the January WASDE report and expectations for grain markets going forward.
Market reaction was bearish for corn and soybeans, with analysts noting that abundant supplies amid tepid demand could keep price pressure on agricultural commodities.
Protein markets are fragmenting. Beef is supply-driven and more structurally expensive, whereas pork and poultry remain price-competitive.
Expanding chicken supplies are likely to keep prices under pressure in early 2026 despite steady demand growth.
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Federal nutrition policy is signaling a stronger demand for whole foods produced by U.S. farmers and ranchers. Consumer-facing guidance favors animal protein, but institutional demand may change little under existing saturated fat limits.
