USDA released two key cattle reports today: the monthly Cattle on Feed report and the semi-annual Cattle Inventory report. The surprise in the Cattle on Feed report was the number of placements, however, it was less of a surprise for those who read Matt Herrington’s forecast on Wednesday of this week. WPI’s model pegged the placement number at 102.4 percent of last year. Following is a summary of today’s report.
Notably, June was the fourth consecutive month placements exceeded pre-report expectations. The pace of placements for the first half of the year could start to undermine expected placements in the second half of the year given the state of feeder cattle supplies outside of feedlots (see more on that below).&nb...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
