Update

North American agribusiness review February 2025

19 February 2025 13:52 RaboResearch

In this market outlook for North American agribusiness: Tariffs are top of mind for agribusiness, as is extreme winter weather. Inflation is heating back up, with foodservice largely remaining under pressure. US cattle market prices reach record highs, with pork and chicken prices also up. Meanwhile, avian influenza continued to pull milk production lower in recent months. In grains and oilseeds: The realities of stagnating biofuel policies are setting in for US soybeans, and increased US corn planting is expected on the back of the recent price rally.

Rabobank

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: Tariffs. Climate: Winter weather woes. Logistics: Increased volatility expected. Consumer: Shifts toward new and healthier menu options amid changing consumer spending patterns. Cattle: Market prices start 2025 at record highs with declining US cattle supplies and trade concerns in focus. Corn: Will king corn get ahead of itself? Dairy: Avian influenza cases, primarily in California, pulled milk production lower again in November
    and December.
    Farm inputs: Tariffs would pose a nutrient headache. Feed: Higher energy costs for feed rations, but lower crude protein prices are offsetting the increase in corn. Fruits: Favorable outlook for California avocados. Pork: Strong start to the year on tighter supply and improved pork demand. Poultry: Chicken prices remain steady as foodservice demand strengthens. Soybeans: The realities of stagnating biofuel policies are setting in. Sweeteners: US raw sugar prices #16 have moderated in recent months. Tree nuts: Almond and walnut prices stabilizing at multiyear highs. Vegetables: Increased potato trade. Wheat: Weather remains the unknown factor for winter wheat production. Cotton/Rice: Market for old cotton crop most bearish in years, but glimmer of hope for 2025; Increasing rice supply.

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