USDA released its Cattle on Feed report today and the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.4 million head, that is 104 percent of 1 September 2019 and above pre-report expectations. It is a record large 1 September inventory dating back to 1996 when records began.
Marketings came in as expected and placements were well above the pre-report average, and near the very top of the range of expectations. This is in line with August slaughter data which shows beef production at 2.33 billion pounds based on 2.8 million head sluaghtered (96 percent of last year) and liveweights at 1,365, which was 27 pounds heavier (102 percent) of last year. Beef demand remains an unknown variable moving into Q4 202...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
