Tomorrow, USDA will release the semi-annual cattle inventory report reflecting cattle numbers as of 1 January. The pre-report consensus estimate is the total number of cattle will come in at about 98 percent of last year, indicating the contraction cycle continued through 2023. January 2023 saw the smallest beginning of the year cattle inventory since 2015; this year’s expected decrease in the herd would make it the smallest since 1951.
Expectations for tomorrow’s report are for almost every category to be down meaningfully from last year, except for beef replacement heifers. The average estimate is just marginally below last year’s total, but that range of forecasts is wide, from 97 percent at the low end to 104...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
