Global Ag News For July 14.2025

TOP HEADLINES

CRA – Corn Refiners Join Effort Urging Protection of Tomato Suspension Agreement

The Corn Refiners Association joined 30 other organizations today in a letter to Commerce Secretary Howard Lutnick calling for the Administration to update – rather than terminate – the U.S. Mexico tomato suspension agreement, which has protected food prices for U.S. consumers and maintained the strength of the interconnected North American market.

The Department of Commerce has publicly notified its intent to terminate the agreement, which would result in duties of 20.91% added to imports of tomatoes from Mexico starting on July 14, 2025.

Corn Refiners Association President and CEO John Bode released a statement on the effects this decision may have on food prices, as well as economic and food security.

“This is the wrong time to drive up U.S. consumer costs,” said Bode. “It is critical to our economies and regional food security that the governments of the United States, Mexico, and Canada support the flow of commerce and the integration of the North American market.”

According to figures from Texas A&M University, the importation and sale of Mexican fresh tomatoes generate an estimated $8.3 billion in annual economic benefits to the American economy.

 

FUTURES & WEATHER

Wheat prices overnight are up 6 in SRW, up 7 1/4 in HRW, up 2 1/4 in HRS; Corn is up 2 3/4; Soybeans up 5; Soymeal down $0.20; Soyoil up 0.45.

Markets finished last week with wheat prices up 3/4 in SRW, up 2 1/2 in HRW, down 21 in HRS; Corn is down 6; Soybeans down 9 1/4; Soymeal down $2.90; Soyoil up 0.22.

For the month to date wheat prices are up 12 3/4 in SRW, up 4 1/2 in HRW, down 4 3/4 in HRS; Corn is down 10 1/2; Soybeans down 14 3/4; Soymeal down $5.90; Soyoil up 1.35.

Year-To-Date nearby futures are down 1.9% in SRW, down 9.8% in HRW, up 0.4% in HRS; Corn is down 11.7%; Soybeans up 0.4%; Soymeal down 13.0%; Soyoil up 36.8%.

Chinese Ag futures (SEP 25) Soybeans up 18 yuan; Soymeal up 6; Soyoil up 18; Palm oil up 16; Corn down 19 — Malaysian Palm is up 58.

Malaysian palm oil prices overnight were up 58 ringgit (+1.39%) at 4232.

There were changes in registrations (34 SRW Wheat). Registration total: 34 SRW Wheat contracts; 4 Oats; 78 Corn; 1,309 Soybeans; 863 Soyoil; 1,876 Soymeal; 419 HRW Wheat.

Preliminary changes in futures Open Interest as of July 11 were: SRW Wheat up 7,008 contracts, HRW Wheat up 154, Corn up 2,188, Soybeans up 5,513, Soymeal up 2,880, Soyoil up 6,789.

 

MIXED TEMPERATURES ACROSS U.S., WHILE WET SPELLS IN THE CENTRAL U.S. BENEFIT CROPS

What to Watch:

  • Cool weather in the Central U.S. and heat risks in Western/Eastern U.S.
  • Wet spells in the Midwest & Northeast

Northern Plains: It was mostly dry over the weekend. A system will move through in a couple of pieces Monday through Wednesday, likely bringing widespread showers and thunderstorms. Though some severe weather may occur, some beneficial heavy rainfall will also be possible. Another system will move through late this week and more are in the pipeline for next week. Temperatures will be on a rollercoaster, but generally not stressful. The active weather pattern will bring scattered showers though, missing some areas that need some heavier rain, but the pattern is overall favorable for developing crops.

Central/Southern Plains: Widespread showers and thunderstorms occurred over the weekend, bringing some areas of heavy rain, and making it difficult to harvest wheat. However, the rainfall has been favorable for developing to reproductive corn and soybeans. Showers will continue across the southeast for most of the week, while the rest of the region sees occasional fronts passing through with scattered showers and thunderstorms as well. Temperatures continue to be seasonable and non-stressful.

Midwest: A stalled system and another catching up to it brought areas of heavy rain to some of the driest areas of the region, including the northern half of Illinois over the weekend. Other areas were missed, including drier spots in northern Indiana, which have now taking the place of the most concerning conditions in the region. However, very few spots in the region are doing poorly with soil moisture as corn and soybeans get more into pollination. The region stays busy with systems and disturbances continuing showers and thunderstorms across the region through this week and probably next week as well, keeping conditions overall favorable.

Delta/Lower Mississippi: Isolated showers continued across the region over the weekend and should continue through next week as well. Rainfall amounts are forecast to be below-normal for the most part, but the continued showers may bring enough timely rainfall as more of the crops get into or through reproductive stages.

Canadian Prairies: Isolated showers went through over the weekend. A system moving through on Monday and Tuesday should bring more scattered showers and thunderstorms. That could bring some much-needed rainfall to some areas, but will also leave some areas dry. Models are favoring southern Alberta and the U.S. border areas with rainfall, leaving some drier areas in northern Saskatchewan and much of Manitoba with little or no rainfall. While the weather pattern stays active with more systems moving through later this week and next week, showers are forecast to stay scattered, leaving some areas too dry and significantly reducing production as more of the wheat and canola crops get into reproductive and filling stages.

Brazil: Drier conditions over the last two weeks have been favorable for the ongoing safrinha corn harvest and to drain some wet soils across the south from previous heavy rainfall. A front is likely to move through on Wednesday and Thursday with some showers across the south, though coverage and intensity are forecast to be low.

Argentina: Some meaningful showers went through southern and central areas late last week and weekend, favorable for building some soil moisture for winter wheat. Another front will move through Tuesday and Wednesday with more favorable rainfall for building soil moisture. Another probably goes through early next week with similar rainfall as well.

Europe: A stalled system brought widespread rainfall over eastern areas late last week and weekend, which was favorable for building soil moisture in areas that had been drier. Another system will move through the continent this week, but with amounts that favor eastern areas again. Those in the west have been much hotter and drier, which has been stressing the end of filling wheat and developing corn. A system later this week and weekend could bring more favorable rainfall to western countries, but that is not guaranteed. Temperatures will generally stay above normal through the end of July even with the systems passing through, stressing some of the drier areas.

Black Sea: Some limited showers went through northern areas over the weekend, but most areas stayed drier. The same will be true for most of this week as temperatures remain above normal. A system moving in from Europe late this week and weekend might bring in more showers, but models are favoring northern areas again right now as well. Some continued dryness has been concerning for those areas across the south.

Australia: Limited showers went through over the weekend and more are forecast to move through this week as well. However, drought continues to be a problem for much of the country’s winter wheat and canola. If the dryness continues for another month, it would be more concerning as the crops start to head into their reproductive stages of growth.

China: Showers missed more of the North China Plain over the weekend, which has had issues with heat and dryness for much of the season. A couple of systems will move through the country this week and weekend, which may bring some showers to these areas, but will favor the northeast, where conditions have been much better.

 

The player sheet for 7/11 had funds: net sellers of 3,000 contracts of SRW wheat, sellers of 6,000 corn, sellers of 3,500 soybeans, sellers of 2,000 soymeal, and buyers of 2,000 soyoil.

 

TENDERS

  • SOYBEAN SALE: The U.S. Department of Agriculture confirmed private sales of 219,000 metric tons of U.S. soybeans for delivery to Mexico in the 2025/26 marketing year that begins September 1, 2025.

PENDING TENDERS

  • WHEAT TENDER: Algeria’s state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins
  • CORN TENDER: Algerian state agency ONAB issued an international tender to purchase up to 240,000 tons of animal feed corn sourced from optional origins
  • WHEAT TENDER UPDATE: The lowest price offered in an international tender from Bangladesh’s state grains buyer to purchase and import 50,000 metric tons of wheat was assessed at $268.90 a metric ton CIF liner out
  • BARLEY TENDER: Iranian state-owned animal feed importer SLAL issued an international tender to purchase at least 120,000 metric tons of animal feed barley
  • CORN AND SOYMEAL TENDER: Iranian state-owned animal feed importer SLAL issued international tenders to purchase up to 60,000 metric tons of animal feed corn and 60,000 tons of soymeal
  • WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 tons of milling wheat which can be sourced from optional origins.
  • BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 tons of animal feed barley.

 

 

Hands Across The World

 

 

TODAY

Biofuel demand to soak up more than half of US soyoil production next year, USDA says

  • USDA raises soybean oil use forecast for biofuels by 26.5% for 2025/26
  • State mandates and federal tax credits boost domestic soyoil demand

U.S. biofuel makers will consume more than half of all soybean oil produced in the United States next year as a recent flurry of federal policy moves has transformed the sector, including higher blending mandates and curbs on foreign biofuel imports and feedstocks, the U.S. Department of Agriculture said on Friday.

In a monthly supply-and-demand report, the USDA sharply raised its outlook for soybean oil use by biofuel producers in the 2025/26 marketing year, which begins October 1, to a record 15.5 billion pounds, up 11.5% from its forecast a month ago and 26.5% higher than the current marketing year.

U.S. soyoil exports were seen tumbling to 700 million pounds in 2025/26 as more oil is consumed domestically, down from 2.6 billion pounds in the current season.

The U.S. Environmental Protection Agency last month proposed to increase the amount of biofuels that oil refiners must blend into the nation’s fuel mix in 2026 and 2027, driven by a surge in biomass-based diesel mandates, along with measures to discourage biofuel imports.

The moves were welcomed by the nation’s fast-growing biofuels industry after months of policy uncertainty that had hobbled output of fuels made from vegetable oils like soyoil, canola oil and used cooking oil.

Under the Renewable Fuel Standard, refiners are required to blend large volumes of biofuels into the U.S. fuel supply or purchase credits known as RINs from those that do.

“EPA not only significantly raised the mandates but also proposed to reduce the number of Renewable Identification Numbers (RINs) generated for imported renewable fuels and renewable fuels produced from foreign feedstocks starting in 2026, which increases demand for domestically produced feedstocks like soybean oil,” the USDA said on Friday.

Additional incentives via state biofuel mandates and the federal 45Z clean fuel production tax credit in U.S. President Donald Trump’s recently enacted budget law further fueled the outlook for soyoil use in biofuel, the USDA said.

 

NOPA June US soybean crush estimated at 185.195 million bushels

The U.S. soybean crush likely dropped in June to a four-month low as the daily processing pace slowed to the lowest point since September, analysts said ahead of a National Oilseed Processors Association report due on Tuesday.

NOPA members, who handle more than 95% of all soybeans processed in the U.S., were estimated to have crushed 185.195 million bushels last month, according to the average of estimates from eight analysts surveyed by Reuters.

If realized, the total would be down 4.0% from the 192.829 million bushels crushed in May but up 5.5% from the June 2024 crush of 175.599 million bushels. It would also be the largest June crush on record following a recent expansion of U.S. soy processing capacity.

The estimate implies a processing rate of 6.173 million bushels a day, which would be down from the 6.220-million-bushel average daily crush in May and the slowest pace for any month since September, according to NOPA data.

Recent processing plant expansions and new plant openings amid soaring demand for soyoil have increased U.S. crush capacity to record levels. But that capacity has been underutilized this summer as a glut of soymeal discouraged plants from running at full tilt, analysts said.

Crush estimates for June ranged from 182.000 million to 188.000 million bushels, with a median of 185.175 million bushels.

The NOPA report is scheduled for release at 11 a.m. CDT (1600 GMT) on Tuesday.

Soyoil stocks held by NOPA members as of June 30 were projected at 1.374 billion pounds, based on estimates from six analysts.

The figure, if realized, would be up 0.1% from stocks totaling 1.373 billion pounds at the end of May but down 15.3% from the 1.662 billion pounds held by NOPA members a year earlier.

Oil stocks estimates ranged from 1.275 billion to 1.525 billion pounds, with a median of 1.342 billion pounds.

 

Brazil Farmers Harvest 40.46% Of Second Corn Area In 2025 – Patria Agronegocios

BRAZIL FARMERS HARVEST 40.46% OF SECOND CORN AREA IN 2025 VERSUS 70.50% AT THIS TIME LAST YEAR – PATRIA AGRONEGOCIOS

 

Brazil’s soybean area to grow 1.2% in 2025/26, Safras says

Brazil’s soybean planted area is set to grow 1.2% in 2025/26 when compared to the previous season, reaching 48.2 million hectares (119.1 million acres), agribusiness consultancy Safras & Mercado said on Friday.

Based on estimated yields of 3,749 kilograms per hectare, soybean output in the world’s largest producer and exporter would reach a record of 179.88 million metric tons, up 4.6% from 2024/25, Safras said in a statement.

“We should see an increase in area in many producing states, especially in the central-western and northeastern regions of the country,” Safras analyst Rafael Silveira said. Farmers are expected to begin planting the new crop in September.

 

China soybean imports hit record June high on strong Brazil shipments

China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.

The world’s largest soybean buyer brought in 12.26 million metric tons in June, up 10.35% from 11.11 million tons a year earlier.

“June’s import surge was fuelled by a strong Brazilian harvest and increased buying of Brazilian beans amid ongoing China-U.S. trade tensions,” said Wan Chengzhi, an analyst at Capital Jingdu Futures.

According to shipping data provider Kpler, China imported 9.73 million tons of soybeans from Brazil in June, while shipments from the U.S. totalled just 724,000 tons. Official origin data is expected to be released on July 20.

Wang Wenshen, an analyst at Shandong-based Sublime China Information, said that strong profits from earlier high spot prices for soybean meal also encouraged more buying.

In the first half of the year, China imported a total of 49.37 million metric tons of soybeans, up 1.8% from a year earlier, the General Administration of Customs data showed.

Soybean arrivals in China for July are expected to total 10.48 million metric tons, compared with 9.85 million tons a year earlier, based on average estimates from one trader and two analysts.

“Recent data shows Brazil’s weekly shipments remain high, reinforcing expectations of strong soybean imports into China through July and August,” Wan said.

“China has not yet purchased any fourth-quarter U.S. soybeans, with buying decisions likely hinging on the outcome of future China-U.S. trade talks.”

 

India’s June palm oil imports jump 60% to hit 11-month high

  • Palm oil imports jump 60% m/m to 955,683 tons
  • Soyoil imports drop 9.8% m/m to 359,504 tons
  • Sunflower oil imports rise 17.8% to 216,141 tons

India’s palm oil imports jumped to an 11-month high in June as refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil, and to replenish depleted inventories, an industry body said on Monday.

Higher palm oil imports by India, the world’s biggest buyer of vegetable oils, will help bring down stocks in top producers Indonesia and Malaysia and support benchmark Malaysian palm oil futures.

Palm oil imports in June rose more than 60% from May to 955,683 metric tons, the highest since July 2024, the Solvent Extractors’ Association of India (SEA) said.

Imports of soyoil decreased 9.8% to 359,504 tons and sunflower oil imports rose 17.8% to 216,141 tons, the industry body said.

Domestic vegetable oil stocks rose for the first time in seven months to 1.568 million tons on July 1, up from last month’s 1.33 million tons, which was the lowest level in nearly five years, it said.

Palm oil imports are likely to remain above 900,000 tons for the second straight month in July as the oil is available at a discount to rival oils, said Rajesh Patel, managing partner at GGN Research, an edible oil trader.

Soyoil imports would likely increase to approximately 450,000 tons in July, as vessels that were unable to unload at Kandla port in the western state of Gujarat during June were expected to discharge their cargo this month, Patel said.

India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

In May, India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry.

 

EU Grain Output Seen Rising 6.9% This Season: Copa-Cogeca

Grain harvest from EU-27 nations is likely to total 275.2m tons in the season that started July 1, up 6.9% from the previous, farm lobby Copa-Cogeca says in emailed report.

  • Recovery driven by increased sown area and yield improvements
  • Aligns closely with the five-year trimmed average, which reflects a period of below-par harvests, below previous decades
    • “The past five seasons have consistently fallen short of historical benchmarks, meaning that even this year’s ‘recovery’ remains well below levels seen in earlier decades. In this context, 2025 should be viewed as a relative stabilisation following a period of chronic underperformance.”
  • Wheat, barley and corn production all seen higher, but durum wheat output seen slumping 32% y/y
  • Total oilseed production seen at 31.1m tons, a decline of 0.8% from the previous season
    • Rapeseed and soybean production are seen increasing, while sunflower production is seen lower

 

China keeps 2025/26 corn, soy forecasts unchanged in July

China’s Agriculture Ministry kept its forecasts for corn, soybeans and other key crops in the 2025/26 crop year unchanged in its July outlook released on Friday.

The Ministry said overall weather conditions remain favourable for corn growth, with reserve corn continuing to be released to the market, mostly selling at a premium.

“The domestic corn supply is relatively sufficient, demand remains high, and the market shows a tight supply-demand balance,” it said.

In Northeast China, favourable soil moisture and climate are supporting healthy soybean growth, while late June rainfall in areas such as Henan and Shandong provinces eased earlier drought conditions, it added.

 

Argentine soybean meal faces lowest price in 15 years

During the 2024/25 season, 18.4 million hectares of soybean were planted, which represented an increase of 6.4% with respect to the 2023/24 season and 10% more compared to the average of the last five seasons, according to the Buenos Aires Grain Exchange.

In this scenario, Argentine soybean meal, the main product exported by the country, faces a 2025 marked by depressed quotations but with positive signs in global demand.

This is detailed in a report of the Rosario Stock Exchange (BCR), which warns that, by the end of June, the FOB export value fell to US$ 281 per ton, its lowest level in more than 15 years.

According to Noticias Argentinas, the sharp fall in global prices is due to the advance of biofuel policies, which generated a greater demand for vegetable oils -especially soybean oil-, which has boosted its price (more than 30% increase so far this year), but also resulted in a greater processing of the grain.

Due to this, a large supply of meal is generated, whose global consumption is not able to keep up with the same pace.

This oversupply has put downward pressure on meal prices, both in the U.S. domestic market and in international trade.

Soybean meal accounted for 13.4% of the country’s total exports, while the soybean complex as a whole accounted for 27.6%.

This year, soybean meal exports are projected at US$ 9,044 million, higher than last year, but still far from the highest historical levels.

The entry La harina de soja argentina enfrenta su precio más bajo en 15 años appeared first on Diario San Rafael.

 

Russia decides against renewing grain export agreement

The Russian Foreign Ministry announced on Saturday that Moscow decided not to extend the memorandum of understanding with the UN on the export of Russian agricultural products and fertilisers to global markets.

Russian Deputy Foreign Minister Sergei Vershinin stated during a press conference, “This agreement was signed three years ago as part of a broader deal that also addressed navigation issues in the Black Sea.

It is set to expire at the end of this month. The memorandum was concluded without any clause allowing for its extension. We did not discuss renewing it, and Moscow will not extend the agreement.”

 

Ukraine’s Grain Exports Down 76% Y/y as New Season Kicks Off

Ukraine’s grain exports stand at 486,000 tons in the season that started on July 1, versus about 2m tons at a similar time last year, the country’s agriculture ministry said Monday on its website.

Total includes:

  • 172,000 tons of wheat, down 77% y/y
  • 309,000 tons of corn, down 69% y/y

 

Turkey Sets Zero-Tariff Import Quota for 500K Tons of Corn

Turkey introduces a tariff quota allowing the import of up to 500,000 metric tons of corn at zero customs duty through July 31, according to a decree in official gazette.

  • NOTE: Turkey has previously announced similar import quotas for corn in an effort to stabilize supply and prices

 

CORN/CEPEA: Harvesting progresses and prices continue to drop

The harvesting of the second crop, which can be a record, has been progressing, especially in the Central-West. In this scenario, purchasers continue away from closing trades in the spot market, expecting new price drops. The demand from abroad, in turn, is also low, reinforcing decreases in Brazil.

The ESALQ/BM&FBovespa Index (Campinas, SP) moved down 1.8% between and July 3 and 10, closing at BRL 62.98 per 60-kilo bag on July 10. On the average of the regions surveyed by Cepea, corn values dropped 1.3% in the wholesale market (deals between processors) but rose 0.4% in the over-the-counter market (paid to farmers).

Conab indicates that the 2024/25 second corn crop may amount 104.53 million tons, upping 16% compared to the previous season and a record in the Conab series (since 1976/77). As for the first crop, the estimate is at 24.91 million tons, 8.5% up compared to the season before. The third crop, in turn, is forecast at 2.51 million tons (+1.4%).

As a whole, Conab projects the 2024/25 output at 131.97 million tons, upping 14.3% compared to the season before and the highest in history. As for the consumption, Conab estimates 89.75 million tons, boosted by the growing production of corn ethanol.

 

SOYBEAN/CEPEA: Good weather in the US and high supply in South America press down values

Cepea, 11 –The favorable weather for crops in the United States and high inventories in Brazil and in Argentina pressed down values in the international market this week. The decrease was also attributed to the scenario of tariffs imposed by the US government on many countries, including Brazil.

The trade war between the United States and countries that import grains and the dollar valuation against Real tend to redirect purchasers of the soybean from the US to Brazil. This scenario, in turn, interrupted the downward trend in the domestic market.

The CEPEA/ESALQ Index (Paranaguá) rose only 0.1% from July 3-10, closing at BRL 136.58 per 60-kg bag on July 10. The CEPEA/ESALQ Index (Paraná) dropped slightly 0.3% in the same comparison, to close at BRL 129.83 per 60-kg bag.

On the average of the regions by Cepea, soybean prices in the over-the-counter market (paid to farmers) increased 0.1% and remained stable in the wholesale market (deals between processors) between July 3 and 10.

 

US, India in Talks on Deal That May Cut Tariff Below 20%

The US is working toward an interim trade deal with India that may reduce its proposed tariffs to below 20%, people familiar with the matter said, putting the South Asian nation in a favorable position against its peers in the region.

India doesn’t expect to receive a tariff demand letter — unlike many other nations this week — and anticipates the trade arrangement will be announced through a statement, the people said, asking not to be identified because the discussions are private. The interim deal would allow for continued talks, giving New Delhi space to resolve outstanding issues ahead of a broader agreement expected this fall, they said.

The statement would likely set a baseline tariff below 20% — compared with 26% initially proposed — with language that would allow the two sides to continue negotiating the rate as part of the final pact, the people said. The timing of an interim agreement is unclear.

If finalized, India would be on a short list of trading partners that have secured deals with the Trump administration. US President Donald Trump has otherwise shocked dozens of trading partners this week by announcing tariff rates of as high as 50% in some cases ahead of an Aug. 1 deadline.

India’s Ministry of Commerce and Industry didn’t respond to an email seeking further information. The White House and Commerce Department also did not immediately respond to requests for comment.

The $10.2 billion iShares MSCI India pared losses after the report of an interim trade deal.

New Delhi is seeking to secure a deal on more favorable terms than the one Trump said he signed with Vietnam, which included 20% import duties. However, Vietnam was caught off guard by that rate, and is still seeking to bring it down. The UK is the only other country that Trump has announced a trade deal with.

On Thursday, Trump told NBC News he’s eyeing blanket tariffs of 15% to 20% on most trading partners who haven’t been informed yet of their rates. The current global baseline minimum levy for nearly all US trading partners is 10%.

Tariff rates announced for Asian nations so far range from 20% for Vietnam and the Philippines to 40% for Laos and Myanmar.

India was among the first nations to approach the White House for trade talks this year, but signs of strain have emerged in recent weeks. While Trump said earlier this week that an agreement with India is close, he has also threatened additional tariffs over the country’s participation in the BRICS group. A team of Indian negotiators is expected to visit Washington soon to advance the talks.

India has already put forward its best offer to the Trump administration, making clear the red lines it won’t cross in finalizing an agreement, Bloomberg News previously reported.

Both sides have dug in their heels over a few key issues including Washington’s demand that India open its market to genetically modified crops — an ask New Delhi has rejected, citing risks to its farmers.

The two nations are yet to find a landing zone on contentious issues, including non-tariff barriers in agriculture and regulatory processes in the pharmaceutical industry, people familiar with the matter said.

 

US Beef Production Up 19.9% This Week, Pork Rises: USDA

US federally inspected beef production rises to 491m pounds for the week ending July 12 from 409m in the previous week, according to USDA estimates published on the agency’s website.

  • Cattle slaughter up 19.8% from a week ago to 568m head
  • Pork production up 27.8% from a week ago, hog slaughter rises 28.4%
  • For the year, beef production is 3.4% below last year’s level at this time, and pork is 1.8% below

 

 

 

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