USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed on feedlots with 1,000 head capacity or more on 1 January was 11.7 million, or 97 percent of January 2022. This is the lowest January inventory since 2018. The report was generally in line with pre-report expectations.
This is the fourth consecutive month where on-feed inventories are lower than year ago levels, a trend that is almost certain to continue through much of 2023 which saw nine of the 12 months higher than year-ago levels.
The average daily marketings in December were 82,905 based on 21 days; that compares to 87,857 in December 2022 with the same number of days, and 94,550 last month based on 20 days in November. Marketi...
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...
