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 February was 11.7 million, or 96 percent of February 2022. The report was generally in line with pre-report expectations; only placements were below the pre-report estimates.
This is the fifth 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 9 of the 12 months equal to or higher than year ago levels.
The average daily marketings in January 2023 were 92,350 based on 20 days. That compares to December at 82,905 based on 21 days and January 2022 at 84,428 over 21 days. Marketings as a pe...
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...
