USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.3 head, that is 102 percent of 1 August 2019, and a record for the month of August.
The report was bearish compared to the pre-report expectations and shows the symptoms (as we previewed yesterday) of the backlog of the COVID-related plant slowdowns, and the expanding drought conditions. Marketings came in as expected, but inventory was about 61,000 head more than expectations and placements were 188,000 head more than last year and more than 85,000 head greater than expectations. The pre-report estimates on placements came in with a wide range - from 102 percent of last year on the low end to 109 percent...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
