Meyer: Beef, China The Biggest Takeaways from February Reports

While there may not have been a ton of news and information to come from the February crop production, supply and demand forecasts, there were a few nuggets of data mixed in.  USDA chief economist Seth Meyer said one of the biggest take aways has to do with this month's beef production and price forecast.

"An increase in beef production for 2025, but also a pretty sharp upward revision, $5.25 cwt, increase in steer price for 2025 as we continue to see robust demand. We continue to observe very high, record high, fed and feeder cattle prices.”

Meyer acknowledged there were minimal changes in global crop production forecast and commodity balance sheets, however there was one take away that stuck out.

“Lower Chinese wheat imports.  Lower Chinese rice imports.  Lower Chinese corn imports.  It’s kind of a theme across global balance," Meyer pointed out.  "One could argue a bit on the supply side, but maybe overall, macroeconomic weakness in China, part of the story as well.”

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