USDA’s monthly cattle on feed report was released Friday. The total number of cattle on feed in feedlots with 1,000 head or more capacity was 11.5 million head, unchanged from last month, but 98 percent of last year.
Marketings totaled 1.63 million head, or 87 percent of last year, in line with pre-report expectations. They declined due to fewer placements in previous months, less aggressive packer demand, and periodic winter weather disruptions. Placements were 1.74 million head, 95 percent of last year and below pre-report expectations. Most of the decline in placements came from lighter- and middle-weight cattle, as shown below. Net placements were 1.68 million head, which would imply a cattle-on-feed inventory of more than...
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...
