Robust beef demand continues with retailers strongest sales this holiday season. The average is down 11.5 cents from a month ago but stands 37.8 cents per gallon higher than a year ago.
California’s almond production is expected to drop by 11% this year, with the yield falling 2.6 billion pounds. Annual U.S. retail prices for beef and veal are projected to rise 6 to 7% in 2022.
With pork production in the Philippines heavily impacted by African swine fever, the President there is temporarily lowering tariff rates for imported pork muscle cuts.
Pandemic disruptions to the beef industry will likely linger into 2021, but the result may not be all bad, according to Don Close, senior animal protein analyst at Rabo AgriFinance.