This week USDA raised their forecast of 2011 red meat and poultry production by 0.4%. They also increased their price forecast for 2011 hogs by $3.50/cwt of live weight and raised their forecast for fed cattle by $3.00/cwt. USDA lowered their forecast of corn ending stock by 70 million bushels. March corn futures ended the week at $7.065/bushel, up 28 cents from the previous Friday. Both the May and July corn contracts also closed above $7/bu.
