So what's the story with butter? Well, for one, butter consumption is on the rise with domestic...
The positive news for wheat is that the condition of the U.S. winter wheat crop is significantly better than it was a year ago. A similar improvement is seen in U.S. pastureland, with 48% (think Lee Smith) rated as "good" or "excellent" compared to 43% (think Troy Polamalu...homer call) last year. However, as the chart indicates, pasture ratings have not consistently reached levels that typically encourage cattle herd expansion. Additionally, the forecast of a potential La Niña weather pattern development this summer adds to the reluctance to expand cattle herds.
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