The 28.5 million beef cows as of July 1 marked the lowest headcount since tracking began in 1971 and represented a 1% year-over-year decline.
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Investors are moving into agriculture funds as tight fertilizer supply and bad weather forecasts squeeze crop yields.
America’s family farms, besieged by low crop prices and high interest rates, face financial ruin under the added strain of the US-Iran war.
Deere’s industry outlook forecasts large agriculture equipment volumes may fall 20% this year, while construction equipment demand grows.