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 June was 11.6 million, or 97 percent of June 2022, in line with expectations. That total matched the 1 May and 1 April inventory. This is now the ninth consecutive month where on-feed inventories are lower than year-ago levels.
And on the topics of streaks, for the third month in a row, placements came in above expectations; actual placements were 105 percent of last year with a pre-report consensus expectation of 102 percent.
When it comes to analysts’ forecasts on placement, that is always the category with the most variance as marketings follow slaughter. Heifer slaugh...
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...
