The 1 June cattle on feed (COF) inventory set a new June record at 11.6 million head. That was down slightly from the previous month, which was the second-highest May inventory since the data started being kept in 1996. The 1 June total also marked the 18th consecutive month that it was larger than the year prior. The placements in May were about the same as May 2017 but did come in higher than the industry’s pre-report expectations.
The only categories to decrease were the 700-799 pounds and the 800-899 pounds classes.
Beef supplies are large, including imports. Beef in cold storage is 113 percent of last year’s total. This will supply the high demand summer months with the key 4th of July holiday period coming up. Cattle...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
