Most of Trump’s Global Tariffs are Not Legal, US Court Says
In a setback for President Donald Trump’s trade policy, a U.S. appeals court ruled Friday that most of the tariffs his administration imposed were unlawful.
The U.S. Court of Appeals for the Federal Circuit, in a 7-4 decision, found that the emergency law Trump cited to impose his broad import tariffs did not actually give him the authority to levy them.
The ruling could affect Trump’s wide-ranging reciprocal tariffs announced on April 2, as well as tariffs...
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ANALYSIS: Fresh Turkey Breast Meat Prices Echo 2022 Trends Amid Supply Concerns and HPAI Threats
If they didn’t earlier, retailers are likely starting to feel the pinch when it comes to turkey meat as the spread between the average retail sales price of fresh turkey lunchmeat and the average quotations for wholesale fresh tom breast meat narrows considerably. During the first week of 2025, the price spread averaged $8.67, which was $0.72 higher than the last highest spread of this time in the past five years. Since then, the price spread has fallen 49.8% to the point...
ANALYSIS: Health Focused Consumer Trends Impact Beef Organ Meat Prices Amid Rise of Ancestral Blends
Prices for organ meats have been steadily rising, influenced by both supply and demand dynamics in the beef industry. On the supply side, reduced cattle slaughter limits the availability of organ meats, which are already produced in minimal quantities, contributing a relatively small portion to the total carcass weight.
Demand-side factors also play a significant role. Organ meats have long been favored in export markets and are commonly used in pet food manufacturing. Additionally, certain organ cuts, such as beef...
ANALYSIS: US Egg Production Rebounds, But Demand Struggles to Absorb Rising Supply
US egg production is showing signs of recovery in the wake of this year’s historic bird flu outbreak, which triggered one of the most severe supply disruptions on record. The USDA’s latest Chickens & Eggs report showed the nation’s table-egg layer flock expanded 2.18% this month to 296.8 million layers, marking the highest level since January...
ANALYSIS: US 2025 High Steaks, Premium Cuts Surge to Historic Levels
With summer winding down and grills cooling off, tenderloins and ribeyes are heating up. Both items are trading at 52-week highs, with tenderloins pushing into record territory. This year’s rally for the two primals has begun earlier than in recent years, as tight cattle supplies and record-breaking cash cattle prices in 2025 have encouraged buyers to secure product early for year-end holiday needs...
ANALYSIS: Mexican Knuckle Export Prices Surge
In recent weeks, Mexican knuckle export prices to the United States have risen significantly, mirroring the strong upward trend observed in the US boxed beef market. This increase is primarily driven by the US's reduced slaughter levels compared to the previous year, resulting in tighter product availability and increased demand for imports from Mexico. Mexico has been able to export more beef due to its higher domestic supply, a result of increased Brazilian beef imports...
ANALYSIS: EU Pork Market Sees Price Decreases Throughout August as Bearish Sentiment Persists
Following a bearish price trend during July, the EU pork market remined bearish during August with prices decreasing constantly during the month. The Expana Bench Market Price for EU Pig deadweight grade S EXW EU (BW56) was last assessed at €1.98 /kg on August 26, which reflects a price reduction of €0.05/kg compared to the last assessment in July...
ANALYSIS: Japan’s July 2025 Beef Imports Rise 11.1% MoM to 46,941 mt On Winter Restock
Japan’s beef imports in July 2025 jumped 11.1% month-on-month (MoM) at 46,941 metric tons (mt) as the island nation stepped up replenishment ahead of winter, according to the latest data from Japan’s Trade Statistics.
Inbound shipments rose 4,697 mt from the prior month, with stronger volumes from Australia, the United States (US) and New Zealand. Despite holding the title as world’s third-largest beef importer, imports slumped 4.9% or 2,406 mt from a year ago amid elevated inventory pressure...
Upcoming Webinar (Asia Edition): Forecasting the Future of Commodity Prices, Q4 2025 and Beyond
Expana invites you to a free, live webinar featuring our experts Tom Bundgaard, Vice President of Price Forecasting, and Craig Erlam, Forecast Analyst.
Join us on September 18 at 11 AM Singapore time for a comprehensive macroeconomic briefing focused on the latest Q4 2025 commodity price forecasts and what lies ahead for 2026.
As global economic indicators increasingly hint at a potential recession, understanding the anticipated impact on commodity prices is critical for businesses planning their procurement, pricing, and supply chain strategies in the coming years.
Navigating the Trump Tariff Turbulence: A Comprehensive Timeline
US President Donald Trump and his administration have paused reciprocal tariffs on most countries.
“Based on the lack of respect that China has shown... I am hereby raising the [tariff] charged to China by the [USA] to 125%, effective immediately,” wrote Trump on Truth Social at 1:18 pm ET.
It’s not clear if this 125% is in addition to the 20% imposed on Chinese imports to the US. In early March, Trump noted that he would add another 10% tariff on Chinese goods...
ANALYSIS: July Cold Storage Report Highlights Divergent Trends Across the Chicken Complex
Overall cold storage of chicken in July rose 2.8% year-over-year (YOY), narrowing the gap with the 5-year average. Much of the increase was tied to thigh meat, breasts and breast meat, and wings, though each for different reasons. In contrast, whole chickens and leg quarters registered YOY declines despite month-over-month (MOM) gains.
Quotations for thigh meat, bone-in breasts, and front halves trended lower through June and July, while jumbo and medium boneless breasts slipped through June and the...
ANALYSIS: Hot and Dry Summer Threatens European Corn Yields
According to the European Commission, western Europe experienced its warmest June on record this summer. Market participants told Expana that while hot and dry conditions supported wheat harvesting, they significantly threaten European corn yields. FranceAgriMer projects the 2025 French corn crop to be up to 5% lower year-on-year. As of August 18, only 62% of the crop was rated good/excellent, down to the lowest level for this period in three years, compared with 76% last year...
ANALYSIS: Unseasonably Firm Summer Sets Stage for EU Egg Demand in Autumn
The European egg market is entering September with a distinctly different tone than in years past. Where July and August usually bring softer prices and subdued activity, this summer proved the exception. Prices held firm through the first half of the year, and the seasonal dip many anticipated barely materialized, leaving the market stronger than its historical norm.
Caged shell eggs, for example, have held steady at around 1.96 €/kg for several weeks, roughly 45% higher than the seasonal average of 1.35...
ANALYSIS: Rains and Larger Planted Area in Argentina Could Boost Corn Output in 2025/2026
On August 20, the Buenos Aires Grains Exchange (BAGE) reported that Argentina’s planted corn area for the 2025/2026 season could rise by 9.6% year-on-year to an estimated 7.8 million hectares.
Market participants attributed the increase to improved soil moisture following abundant rainfall, with sources noting that nearly all planted areas are rated in good/excellent condition. If realized, this would be Argentina’s second-largest corn area on record, after the 8.4 million hectares in 2023/2024...
ANALYSIS: Key Factors Shaping the Mexican Beef Cutout in 2025
During the first half of 2025, the Mexican beef cutout showed a pronounced upward movement, with prices rising at a significantly faster rate compared to previous years and peaking in early June. This escalation can be explained by several factors: ongoing drought conditions led to a reduction in available cattle, while the cost of feeder cattle increased sharply due to tighter supplies. These pressures limited the volume of cattle entering the supply chain for slaughter and processing.
Facing these challenges, Mexican stakeholders began seeking alternatives...
Hillshire Farm® Debuts Flavor-Forward Lunch Meats
Tyson Foods is turning up the flavor and bringing new energy to the lunch meat category with the launch of Hillshire Farm® Sandwich Style Lunch Meats in three bold new flavors.
Crafted to spark creativity, the new lunch meats inspire fresh...
Trump Announces US-Indonesia Trade Agreement; New Details Emerge
UPDATE: July 22, 2025 4:37 PM ET
This afternoon, US President Trump posted to Truth Social after revealing a similar 19% trade deal with the Philippines, reported Expana.
"It is my Great Honor to announce our Trade Agreement with the Republic of Indonesia, as represented by their Highly Respected President, Prabowo Subianto. It is agreed that Indonesia will be Open Market to American Industrial and Tech Products, and Agricultural Goods, by eliminating 99% of their Tariff Barriers. The United States of America will now sell American Made products to Indonesia..."
Hormel Sees Q3 Sales Growth but Falls Short on Earnings
Just before markets opened Thursday, Hormel Foods reported its third-quarter financial results, missing analysts’ estimates for the period.
The company posted net sales of $3.03 billion, with organic net sales rising 6%. Operating income totaled $240 million, while adjusted operating income was $254 million.
Earnings before income taxes reached $237 million, with adjusted earnings before income taxes at $251 million. The effective tax rate was 22.3%.
Diluted earnings per share were $0.33, and adjusted diluted earnings per share came...
ANALYSIS: Turkey Inventories Remain Tight Amid Efforts to Replenish Freezers
July’s cold storage figures continue to show lower year-over-year (YoY) inventories for all lines, highlighting the limited availability of turkey as very low volumes makes its way to the freezer. Meanwhile, July’s total month-over-month (MoM) increase in turkey in cold storage outpaced the 5-year average by approximately four percentage points, in part demonstrating the effort of many participants in the industry to replenish their frozen inventories.
The comparative MoM changes for whole birds and MST follow that of the overall data...
Perdue AgriBusiness Marks 25 Years of Innovation, Partnership & Growth at Chesapeake, VA Facility
Perdue AgriBusiness is celebrating 25 years of operations at its Chesapeake, Virginia facility, a site that has become a cornerstone of the company’s grain, oilseed, and logistics network and a vital partner to farmers across the Commonwealth.
Since opening its doors in 2000, the Chesapeake facility has grown into the only deepwater bulk grain terminal on the U.S. East Coast—and one of only two soy crush facilities on deep water in the United States. With grain storage, a soybean crush plant...
Upcoming Webinar: Forecasting the Future of Commodity Prices, Q4 2025 and Beyond
Join us on September 11 at 4 PM CET / 3 PM BST / 10 AM ET for a comprehensive macroeconomic briefing focused on the latest Q4 2025 commodity price forecasts and what lies ahead for 2026.
As global economic indicators increasingly hint at a potential recession, understanding the anticipated impact on commodity prices is critical for businesses
ANALYSIS: 2025 Sees Surge in Shell Egg Imports
Following one of the most significant supply disruptions in recent history, imported breaking stock has taken on a more visible role in the US egg market over the past year. During the height of HPAI-related flock losses, short supplies collided with strong holiday retail demand, drawing much of the available domestic inventory into higher-value retail and institutional channels. This left notable shortages in the further processor segment and sent domestic breaking stock values to a record $6.43/dozen earlier in the year...
ANALYSIS: July 2025 Boneless Beef Cold Storage Falls MOM While Posting Gains YOY
Boneless beef cold storage stocks stood at 357 M lbs in July, according to the latest USDA cold storage report. This figure represents a decline of 1.7 M lbs from June but an increase of 4.6 M lbs from last July.
Typically, as the large fourth of July celebration wraps up and the dog days of summer begin to approach, beef cold storage stocks begin to hit a bottom before ramping up into the fall and winter months. However, with beef supply shrinking due to...
Viva Raw Recalls Pet Food Over Salmonella and Listeria Concerns
The US Food and Drug Administration (FDA) announced a voluntary recall from Viva Raw, LLC on August 25. In the announcement, the company stated two lots of dog and cat food may be contaminated with Salmonella and Listeria monocytogenes.
Items from this recall are sold frozen, in 1 lb. bricks, wrapped in clear vacuum packaging. They include Lot codes 21495 or 21975 printed on the top. Labels include:
The Retail Rundown: Labor Day Protein Promotions at a Glance
Seafood leads Labor Day protein promotions, accounting for 27.1% of total ad volume. Pork follows at 23.2%, with beef and chicken each capturing about 22%. Retail buying opportunities for turkey held steady at 3.5%, while promotional activity for shell eggs remained limited.
Back-to-school demand has provided fair to fairly good retail support for eggs, according to Expana, with shelf prices holding mainly steady across most areas in the past month. Last week, white large Grade A eggs were advertised at $4.49 per dozen discounted, nearly $1...
ANALYSIS: Crop Tour Shows Improved Yields but Disease Issues Raise Concerns
The Pro Farmer Crop Tour, concluding August 21, 2025, painted a nuanced picture of the US corn and soybean crops, with scouts traversing over 2,000 fields across seven Midwest states. Pro Farmer estimated the US corn crop at 16.204 billion bushels, with an average yield of 182.7 bushels per acre, reflecting concerns over disease pressure and uneven field conditions.
Soybean projections came in at 4.246 billion bushels, with an average yield of 53.0 bushels per acre, bolstered by robust pod counts, particularly in states like Illinois and Iowa. Market
Chipotle Introduces a Whole New Way to Order for a Small Group: Build-Your-Own Chipotle
Chipotle Mexican Grill today announced it will launch "Build-Your-Own Chipotle," a family meal offering intended to feed groups of four to six people, starting tomorrow, August 26. A digital-exclusive menu option, "Build-Your-Own Chipotle" is a shareable, customizable spread of real ingredients that can be ready for pickup in as little as 15 minutes.
How To Build-Your-Own Chipotle
Whether it's for friends or family gatherings, "Build-Your-Own Chipotle" brings the Chipotle...
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