World Perspectives
livestock

Bearish Cattle on Feed Report

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...

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livestock

Livestock Industry Margins

Beef packer margins weakened further last week, with estimated net losses widening to -$247/head, extending the deterioration seen through late January. Boxed beef values were firmer last week, but gains failed to offset increases in fed cattle prices, resulting in additional margin compression...

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feed-grains soy-oilseeds wheat

Summary of Futures

Mar 26 Corn closed at $4.275/bushel, down $0.0125 from yesterday's close.  Mar 26 Wheat closed at $5.3725/bushel, up $0.09 from yesterday's close.  Mar 26 Soybeans closed at $11.24/bushel, up $0.015 from yesterday's close.  Mar 26 Soymeal closed at $303/short ton, up $2.2 from ye...

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From WPI Consulting

Infrastructure investment due diligence

On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.

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