Rabobank released its North American Agribusiness Review, a bi-monthly analysis of market conditions and trends across North American agriculture.
Among the highlights, the report says American consumers have proven far more resilient than expected, and they continue analyzing the drivers behind evolving consumption patterns. Grocery sales have started to recover as food inflation has slowed. “Our upstream market expectations are mixed, with continued weakness in some sectors and expected recovery in others,” says RaboResearch head Roland Fumasi.
For example, in the beef sector, Rabobank says in early 2024, U.S. beef imports will expand while exports shrink. However, U.S. beef and cattle demand posted early highs this year. In corn, the industry consensus is that farmers will find a way to get planted corn acres up to 91 million as most planting conditions have been favorable. Headwinds against soybeans include higher interest rates and a stronger dollar, which appreciated against several currencies.
