More than three-quarters of the beef cow herd are under drought conditions, and culling is taking place.

The big story of the 2026 crop may be how quickly demand erodes corn supplies over the next 12 months.

Aside from the seasonal shift, a longer-term shift continues to unfold for dairy as consumers seek more protein wherever they can get it.

Input costs soared following the onset of the Iran war but are set to retreat in the months ahead for the 2027 crop.

Stable prices are likely to support another profitable year for many growers.

Demand strength and risks from China and South American production will drive soybean prices.

Shifting volumes have lifted prices from $7-$10 per tray to $10-$16 per tray.

The hog market has shifted from broad profitability to a more risk-sensitive environment.

The pace of decline in wine sales is unlikely to improve through the remainder of the year, however.