USDA released the monthly Cattle on Feed report today; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.1 million head. Following is a summary of today’s report.
Again, following a theme for this year so far, the report was in line with pre-report expectations, except for placements – which is the most difficult category to predict, but the past six months have been exceptionally difficult. August placements surprised to the upside by 1 percent – or slightly more. The actual Olympic average of the pre-report analysts’ expectations was 93.6 percent of last year (rounded up to 94 percent). So, placements were 1.4 percent larger than last year which given the thin state of the f...
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...
