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 March was 11.6 million, or 96 percent of March 2022. The numbers were mostly in line with expectations, so the report is mostly neutral for cattle prices. However, as WPI mentioned yesterday, there is a lot riding on retail beef demand.
This is the sixth consecutive month where on-feed inventories are lower than year-ago levels, which will be a trend for most of the rest of 2023 – if not all of the year.
The average daily marketings in February 2023 were 91,316 head based on 19 days; that compares to 92,350 in January on 20 days. Marketings as a percent of inventory was 14.9 percent;...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
