The cattle on feed (COF) inventory as of 1 September was a record for the month at 11.1 million head, which was also the fourth time in a row that the inventory set a new monthly record.
The report was right in line with pre-report expectations. The distribution of placements by weight class is noted down below; drought conditions and low feed costs catalyzed the increase among the lighter weight categories.
Overall, the report is bearish. Given the distribution of placements by weight (see above), that pressure will extend to out contracts (i.e., December and February). Adding slightly more pressure, total pounds of beef in cold storage were up 8 percent on the month and 12 percent from last year. Total red meat in freezers was up 3...
What You Need to Know Today: USDA reports are delayed until Tuesday due to the federal holiday on Monday. Over the weekend, President Trump announced a ceasefire between Russia and Ukraine. Russia warmly welcomed and confirmed this ceasefire by conducting more strikes against Ukraine. Specific...
On Saturday, 10 October, at a campaign rally in Clarksville, Tennessee, President Trump said that the U.S. and Mexico would come to terms on a new trade deal, and he said Canada does not need to be part of the deal. Trump called the coming agreement with Mexico “great” but gave no d...
Key Takeaways: The United States has steadily lost global wheat export market share since the 1970s, falling from the world's leading exporter to a projected fifth place in 2026/27. The rapid expansion of Black Sea wheat exports, driven by improved productivity and export infrastructure, has r...
