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The advent of GLP-1 weight loss drugs is one part of the equation that’s fueled a boom for protein, helping, for example, to fuel a so far pretty indestructible surge in demand for beef. The flip side is the hit to snacks, beverages, including the alcoholic sort, and sweets in general.
So while cattle futures trade back within hailing distance of their all-time highs from October, sugar futures this week have slipped back to a five-year low. Raw-cane sugar futures were trading below 14 cents a pound, the lowest since 2020, reflecting a sharper-than-expected slowdown in U.S. consumption and slower-than-expected growth in developing countries, the Financial Times noted.
“The drop in consumption, or the speed of it, has taken the [sugar] industry unaware,” Gurdev Gill of Marex, a commodities broker, told the newspaper, adding that Mexico and the U.S. offer the clearest examples, while demand data in Europe has also reflected a challenging environment for sugar prices.
Meanwhile, demand for protein has seen food companies tumble over each other to add the macronutrient to a range of products including water, coffee, yogurt, and desserts.
Meanwhile, historically tight cattle supplies have made it hard for food companies to profit from relentlessly strong beef demand, as illustrated this week by Burger King-parent Restaurant Brands International, which blamed a fall on fiscal fourth-quarter adjusted operating profit on “expenses due to higher commodity costs, primarily beef, and higher restaurant wages.”
- No sign of a slowdown: Meanwhile, USDA on Wednesday raised its estimate of 2026 U.S. meat consumption to 59.5 pounds per person, up from 58.9 pounds in January. USDA put consumption at 59.1 pounds in 2024 and 59.2 pounds in 2025.
Breaking E15 impasse? A council of lawmakers formed last month is set to propose rules aimed at breaking an impasse over the sale of higher-ethanol gasoline, Bloomberg reported. The council was set up last month after lawmakers were unable to include a year-round E15 ethanol blend authorization in key spending legislation.
Bloomberg, citing a draft, said the proposal would limit exemptions for small refineries on blending mandates and prevent other companies from having to bear the cost of exemptions through reallocation.
Cargill to close beef plant: Cargill plans to permanently close its beef processing facility in Milwaukee, eliminating 221 jobs, Reuters reported.
The Cargill Meat Solutions facility will stop production around mid-April and fully close around the end of May, according to a notice filed by Cargill with the Wisconsin Department of Workforce Development. The plant specializes in fresh beef, ground beef, and value-added products but does not slaughter cattle, the report said.
La Niña shift ahead? There’s a 60% chance the La Niña weather pattern shifts toward neutral in the February-to-April window, the Climate Prediction Center said Thursday.
- What it is: La Niña is part of the El Niño-Southern Oscillation, or ENSO, cycle, a climate pattern characterized by changes in tropical Pacific Ocean water temperatures. A La Niña pattern sees cooler water temperatures, while an El Niño results in warmer temperatures. In between, a neutral pattern sees temperatures near long-term averages. The Climate Prediction Center sees a 56% chance of an ENSO-neutral pattern persisting the June-August period.
- Why it matters: In the Corn Belt, El Niño is associated with cooler temperatures and more consistent rainfall during the critical July pollination period, providing support for trend-line or record yields. La Niña is seen raising the risk of high-pressure ridges stalling over the Midwest, leading to hotter, drier conditions.
AI fears take toll on gold and silver: Tech shares tanked Thursday as traders grow increasingly unnerved by the threat of disruption to incumbent businesses across sectors from software to insurance to legal services. That seemed to morph into a broader risk-off episode, with oil, gold and silver all slumping hard as investors piled into the perceived safety of bonds.
- Buckle up: April gold hit an air pocket that took it down over $170 an ounce from its mid-morning level in a matter of minutes.
- The tech-heavy Nasdaq bore the worst of the selloff, slumping 2%, while the Dow Jones Industrial Average and S&P 500 each slid over 1%.
Cracking records: France consumed a record number of eggs in 2025, with demand driven by their affordability amid economic uncertainty, a French egg industry group said on Thursday, according to Reuters. The group said the trend has resulted in producers building more hen houses.
- Reuters notes that demand for eggs has risen across Europe and around the world as they are seen as a cost-effective source of protein, suitable for a wide variety of dishes and dietary preferences.
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