USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 12 million, 2 percent above May 2021, and the highest May inventory on record. As we mentioned yesterday in the report preview, in five months of 2022, the cattle on feed inventory has set a monthly record four times – February, March, April, and May. January 2022 saw the second largest January inventory on record.
The average daily marketings in April were 90,143, or a 101.4 percent of the 88,901 in April 2021 (on 22 days). That is also up from March 2022 (23 day) when average daily marketings were 86,957 head. Marketings as a percent of inventory on feed are 15.8 percent. As noted yesterday, slaughter has been strong...
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...
