USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, up from March 2020 and in-line with pre-report expectations. This is the second largest on-feed inventory for February since records started in 1996.
Average daily marketings in February were 91,158 compared to 95,895 in January. Both months had 19 work days, but like January, Saturday kills in February were up helping move volume through the pipeline. Marketings as a percent of cattle on feed inventory in February were less current at 14.4 percent; in January there were 15.1 percent. Net placements in February were 1.63 million head, and therefore, the number of cattle on feed for more than...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
