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 million head. Following is a summary of today’s report.
The report was in line with pre-report expectations, except for placement. To be fair, placements are the most difficult category to predict, but the past five months have been exceptionally difficult. July placements surprised to the downside, but that comes after four consecutive months where placements exceeded pre-report expectations. As we have noted through the spring and into last month, these higher-than-expected placements for the first half of the year would start to undermine expected placements in the second half of the year...
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...
