USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11,671,000 head, down only slightly from the 11,728,000 head on 1 June 2019 – which was a record for the June inventory.
In all, the report was decidely on the bearish side of the pre-report expectations, with inventory about 60,000 head above expectations, but still the second largest total for June since record keeping began in 1996. Marketings were below expectations and placements were above pre-report estimates. Live and feeder cattle futures dropped across the board. May marketings were the weak link, falling way behind current numbers, at 12.9 percent of the total inventory on feed. This was not surpr...
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...
