USDA released the monthly Cattle on Feed report today. Total inventory was up as expected, but a big drop in placements and a lower-than-expected volume of marketings made the report bullish.
First, let’s look at marketings, which came in only slightly lower than expected, but still the second lowest for June since data have been kept dating back to 1996. There were five weekends in June 2024, with 19 working days, compared to 21 working days in 2023. Average daily marketings in June were 94,000 compared to 93,190 last year. Marketings as a percent of inventory fell just below current at 15.8 percent. Last year saw marketings as a percent of inventory at 17.4 percent. However, marketed cattle are heavier this year, keep...
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...
