USDA released the monthly Cattle on Feed report today. The numbers came in very close to the pre-report expectations, making the report neural. Placements were the only category off from the consensus expectation, but only 1 percent higher than the estimate. The key point is the supply of feeder cattle remains tight, and placements are continuing to decline since the spike in February which was the result of poor weather in January which led to deferred placements.
A point of context for the fed cattle/feedlot situation, the large decline in cow slaughter this year has put a dent in the weekly slaughter totals. This week’s estimated slaughter at 607,000 was down 18,000 head (2.9 percent) from the same week last year, an...
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...
